Being perceived oligarchs or not, it had nothing to do with ABS-CBN being shut down. It had nothing to do with violating any law either.
prior to martial law, the Lopezes really had the power sectors in their pockets,
they owned television channels 2 and 4, so that all these were confiscated by marcos when martial law was imposed, only channel 9 was allowed to operate then....
same goes with the newspapers and radio stations, only those allied with government were allowed to air....
remember NPC?, sila ang power generators at transmitters of electricity, under martial law these were run by government....so then Meralco was just a mere collection agent.....
after 1986, only meralco and channel 2 was returned to the Lopezes, in terms of power generation and distribution, things were never the same as before....
but meralco today in no longer owned by the Lopez group...