HONG KONG — Media company Tom.com, owned by Hong Kong tycoon Li Ka-shing, has inked a deal that will make it the second largest shareholder in the territory’s No. 2 terrestrial broadcaster, Asia Television (ATV).
Tom.com has entered a memorandum of understanding to buy Lai Sun Development’s 32.75% stake in ATV in exchange for 87.2 million shares, pending regulatory approval.
ATV’s largest shareholder is Liu Changle, whose company runs Phoenix Satellite Television, and who last month took a 46% stake that has yet to be approved by regulators.
Li’s involvement is expected to boost ATV’s fortunes, which lag behind those of its only rival, Television Broadcasts (TVB).