Hong Kong's Broadcasting Authority has approved an application to change the shareholding structure of Hong Kong's well-known commercial TV station Television Broadcasts (TVB), arising from the introduction of an investor group, the Broadcasting Authority said Thursday in a statement.
Controlled by Charles Chan, the group has acquired the entire stake in Shaw Brothers (Hong Kong), which owns 26 percent of TVB's voting shares, according to the statement.
The approval is subject to the condition TVB continues to comply with regulatory requirements.
After the shareholding change, TVB and Chan will be bound by the statements, representations, assurances and undertakings made in the application. TVB will remain a company incorporated in Hong Kong and its control and management will continue to be exercised in Hong Kong.
The selection, production or scheduling of programs will continue to be conducted by principal officers who ordinarily reside in Hong Kong, and TVB's domestic free television program service will remain primarily targeting Hong Kong.
The shareholding change will not affect TVB's investment commitment of 6.3 billion HK dollars (810 million U.S. dollars) from 2010 to 2015 made in the mid-term review of its license last year, said the statement.
The Broadcasting Authority has also received an application from TVB for the transfer by the Shaw Foundation of 2.59 percent of TVB shares to various education-based charities and institutions.
In January this year, a consortium led by Charles Chan, chairman of Hong Kong-based listed company ITC Corporation, bought 26 percent of TVB shares, for 55 HK dollars per share. Total cost of the acquisition amounted to 6.26 billion HK dollars.
TVB is the second over-the-air commercial television station in Hong Kong. It began broadcasting in November of 1967. With a staff of about 4,500, it is one of two free-to-air television broadcasters in Hong Kong.
TVB is best known for the fact that many of Hong Kong's film and pop stars started their careers at the station through drama series produced by it. (One U.S. dollar is equivalent to 7.78 HK dollars)
Controlled by Charles Chan, the group has acquired the entire stake in Shaw Brothers (Hong Kong), which owns 26 percent of TVB's voting shares, according to the statement.
The approval is subject to the condition TVB continues to comply with regulatory requirements.
After the shareholding change, TVB and Chan will be bound by the statements, representations, assurances and undertakings made in the application. TVB will remain a company incorporated in Hong Kong and its control and management will continue to be exercised in Hong Kong.
The selection, production or scheduling of programs will continue to be conducted by principal officers who ordinarily reside in Hong Kong, and TVB's domestic free television program service will remain primarily targeting Hong Kong.
The shareholding change will not affect TVB's investment commitment of 6.3 billion HK dollars (810 million U.S. dollars) from 2010 to 2015 made in the mid-term review of its license last year, said the statement.
The Broadcasting Authority has also received an application from TVB for the transfer by the Shaw Foundation of 2.59 percent of TVB shares to various education-based charities and institutions.
In January this year, a consortium led by Charles Chan, chairman of Hong Kong-based listed company ITC Corporation, bought 26 percent of TVB shares, for 55 HK dollars per share. Total cost of the acquisition amounted to 6.26 billion HK dollars.
TVB is the second over-the-air commercial television station in Hong Kong. It began broadcasting in November of 1967. With a staff of about 4,500, it is one of two free-to-air television broadcasters in Hong Kong.
TVB is best known for the fact that many of Hong Kong's film and pop stars started their careers at the station through drama series produced by it. (One U.S. dollar is equivalent to 7.78 HK dollars)
