The Hong Kong government has cancelled the broadcast license of Asia Television, the territory's oldest free-to-air TV network group.
ATV announced news of the deal on its main evening news show.
Local telecoms tycoon poised for third time lucky shot at free to air network control
2016-2017 Oscar Predictions
Ricky Wong, the Hong Kong businessman whose Hong Kong Television Network, was surprisingly denied a free-to-air TV license in October says he will launch five new channels via the internet.
New free-TV licenses were awarded to Hong Kong's two pay-TV platform operators. But the company which has been doing the most to break into the sector was denied a permit.