HONG KONG, Sept 11 — Troubled Hong Kong broadcaster ATV has been thrown a lifeline.
ATV executive director Ip Ka Po announced at a news conference yesterday that China Cultural Media Group had acquired a controlling stake in the station.
Ming Pao Daily News reported that shareholder David Wong, who holds a 52.41 per cent stake in ATV, had sold 41.66 per cent of his shares to the Chinese company.
Ip said Wong and China Cultural Media Group reached the agreement on June 11, and news of the remaining 10.75 per cent stake will be released at a later date.
ATV is currently waiting for the government’s approval of the transfer of ownership, added Ming Pao.
China Cultural Media Group is investing HK$10 billion (RM5.6 billion) in ATV, which will then be able to pay workers as well as increase salaries in future, said Ip.
The broadcaster will also reapply for its licence, which the government had declined to renew in April, due to dwindling ratings.
Ip also announced that the new investors are planning to develop ATV into a major media business, with plans to add two channels to its current six, including an online channel and a satellite channel.
The news comes in the same week that it was revealed ATV staff had yet to receive their August salaries.
Ip said that at least 80 per cent of its workers had now received their wages. However, it is understood that Hong Kong’s Labour Department is currently investigating ATV, following a complaint.
