Company insists it still searches for investors

HONG KONG — Television Broadcasts (TVB) is denying a newspaper report Thursday that it is scrapping its pay TV plans.

The South China Morning Post quoted unnamed company board members, but TVB’s official line remains that it is searching for investors to take a 50% stake in its pay TV arm, Galaxy Satellite Broadcasting, before a June deadline.

Concerns over TVB’s dominance in the Hong Kong television market, where it is already the biggest terrestrial station, is forcing the company to find investors and also to delay its entry in order to allow other operators to set up. Analysts expect TVB to ask the government for an extension of the June deadline.

I-Cable Communications remains the dominant pay TV operator, with British-based Yes Television and Taiwan’s Pacific Digital Media currently running commercial trials.

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