Candice Wong reports
2015-09-10 HKT 18:21
The beleaguered broadcaster Asia Television (ATV) has found a new investor - a firm owned by a mainland company. The new investor will inject HK$10 billion into the station.
ATV announced on Thursday that China Culture Media International Holdings Limited - a subsidiary of Qingdao-based Sino Asia Media Group - had bought 41 percent of its stake from the current major shareholder, David Wong. But the broadcaster would not say how much the shares were sold for.
The executive director of ATV, Ip Ka-po, said the deal was reached in June. He said the company will buy the remaining 10 percent stake still held by Wong in future, but he did not disclose a time frame.
Ip also emphasised that ATV's editorial policy will not change, adding that its news department will remain impartial. He said the broadcaster is planning to launch two new channels, in addition to the existing six.
Ip said the new shareholder is also trying to speed up the payment process for ATV staff - 20 percent of whom have yet to receive their August wages.
He went on to say that the broadcaster is planning to apply for a new free-to-air television licence again, after the government decided not to renew the existing licence in April this year. This came after the broadcaster went into financial difficulties and fell behind on payments, including wages to its staff. The existing licence will expire in seven months.
The Communications Authority said it has received ATV's notice on the change in shareholding, and is processing the matter in accordance with the Broadcasting Ordinance.
ATV announced on Thursday that China Culture Media International Holdings Limited - a subsidiary of Qingdao-based Sino Asia Media Group - had bought 41 percent of its stake from the current major shareholder, David Wong. But the broadcaster would not say how much the shares were sold for.
The executive director of ATV, Ip Ka-po, said the deal was reached in June. He said the company will buy the remaining 10 percent stake still held by Wong in future, but he did not disclose a time frame.
Ip also emphasised that ATV's editorial policy will not change, adding that its news department will remain impartial. He said the broadcaster is planning to launch two new channels, in addition to the existing six.
Ip said the new shareholder is also trying to speed up the payment process for ATV staff - 20 percent of whom have yet to receive their August wages.
He went on to say that the broadcaster is planning to apply for a new free-to-air television licence again, after the government decided not to renew the existing licence in April this year. This came after the broadcaster went into financial difficulties and fell behind on payments, including wages to its staff. The existing licence will expire in seven months.
The Communications Authority said it has received ATV's notice on the change in shareholding, and is processing the matter in accordance with the Broadcasting Ordinance.
http://news.rthk.hk/rthk/en/component/k2/1210634-20150910.htm
