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Digital costs hit TVB’s bottom line

Co. reportedly being courted by local tycoons

HONG KONG — Television Broadcasts, Hong Hong’s dominant commercial TV group, upped revenues 8% to HK$2.07 billion ($265 million) as net profits edged ahead 1% to $64.5 million in the first half, compared to the previous year.

TVB, which is headed by 100-year-old Run Run Shaw, is reportedly being courted by numerous local tycoons. But the anticipated takeover of Shaw Brothers, which holds a 26% stake in the channels and production group, has not been completed, apparently a victim of the spread of the U.S. credit crunch to Asia.

Company said that advertising sales were boosted by pre-Olympic campaigns, but added that the cost of conversion to digital transmission had undermined results.

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