Hong Kong web to sell paybox stake

If deal is approved, TVB will hold 29% of co.

HONG KONG — Free-to-air broadcaster Television Broadcasts plans to sell a 20% stake in money-losing paybox TVB Pay Vision to an unnamed investor for HK$140 million ($18 million).

If the deal is approved by the Broadcasting Authority, TVB will hold 29% while Charles Chan Kwok-keung’s See Corp. will continue to hold 51%.

Paybox, launched in 2004 under the name Galaxy Satellite Broadcasting, has struggled to gain a foothold in the market.

In the first half of this year, TVB’s share of the loss came to $8.8 million vs. $11 million a year earlier.

Deal was announced as part of TVB’s interim results.

TVB’s net profit for the six months was $63.8 million, up from $60.2 million. Revenue was up 1.68% to $246 million.

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