HONG KONG — The chief executive of Asia Television (ATV), Hong Kong’s No. 2 terrestrial broadcaster, has bought property developer Lai Sun Development’s 32.75% stake.
Chan Wing-kee paid about $38.5 million, less than the $46.2 million agreed with Lai Sun in November. The purchase includes half of ATV.com. Move boosts Chan’s stake in the broadcaster to 46%, making him the second largest shareholder after Phoenix Satellite Television CEO Liu Changle.