Wang Jing buys into Asia Television

Deal would give Rongfeng chairman a 61% stake

Mainland Chinese real estate developer Wang Jing is reportedly close to a deal to buy a controlling stake in Hong Kong’s cash-strapped broadcaster Asia Television.

Wang, chairman of the Shanghai-listed property giant Rongfeng Holding Corp., is in talks with several shareholders over the deal, which, if successful, would secure him a 61% stake, the Oriental Morning Post reported. Before the sale can go through, however, a complicated web of competing shareholder deals needs to be sorted out.

Hong Kong tycoon Payson Cha, the chairman of Want Want China Holdings, who currently owns a controlling stake in ATV, wants to sell a 10.75% stake to Wang.

However, Taiwan billionaire Tsai Eng-meng, who has a 23.31% stake in ATV and has first refusal on Cha’s stake, opposes the deal and intends to pump in millions to revive the TV station.

Wang is also trying to buy a 14.81% stake owned by China Light Group, a subsidiary of state-owned investment company Citic Group.

ATV, the smaller of Hong Kong’s two free-to-air broadcasters, has been struggling for decades in a market dominated by its rival, TVB. Last year the station fired hundreds of staff in a bid to slash costs.

Wang, born and educated in Shanghai, catapulted into prominence over land deals.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading