Mired in mystery
Asia TV confirms sale, mum on buyers
But company officials continue to refuse to name the buyers. Acting chief executive Kenneth Kwok would say only that the investors are mainly from Hong Kong, though some are from the U.S.
Last month, local newspapers reported that CBS and Rupert Murdoch had agreed to buy a controlling stake in the company, which is the second of two licensed terrestrials. That report was never confirmed.
Hong Kong business tycoon Lim Por-yen, who is mired in legal problems in Taiwan and faces financial difficulties at home, owns about 67% of ATV through family and business holdings. Under the new arrangement, he would remain a shareholder, though his role as chairman would pass to the man who now runs the airport authority.
ATV operates two channels, one in English and one in Cantonese. It is a perennial runner-up to publicly listed Television Broadcasts Ltd. (TVB), which has a lock on advertising and the top-rated programs.
Kwok said the goal was to strengthen the company's resources and improve programming.
"It is also hoped that the new consortium would provide marketing connections and expertise ... so that we can market more of our programs overseas," Kwok said.
The sale would have to be approved by several government bodies. Kwok said ATV expects the government to take a month to approve the sale.
