×
You will be redirected back to your article in seconds

Hong Kong’s I-Cable Seeks $88 Million for Content and Restructuring

Hong Kong’s cable network provider i-Cable Communications has unveiled an $88 million (HK$692 million) share issue. It is intended to restructure the company and invest in new content.

The share issue is structured as a 1-for-1 rights issue, with new shares offered at HK$0.109, a 38% discount to the last stock trade on Friday. I-Cable shares sank to HK$0.126 on Monday. They fell a further 4.6% on Tuesday to HK$0.12.

The move is the first external fund-raising exercise since the loss-making company was taken over by Forever Top, a consortium led by the New World and Chow Tai Fook conglomerates, and provided with a $128 million (HK$1 billion) injection. Media investor John Zhao of Hony Communications is also part of the consortium.

Forever Top took a 43% stake in April 2017 after previous owner Wharf Holding refused to provide further liquidity to i-Cable. If the other shareholders do not back the plan, Forever Top’s stake would grow to some 72%.

I-Cable said that it had lost subscribers in past year, notably to OTT-providers. As a result, the HK$1 billion had been used differently to the originally envisaged plan.

The company says that $17.9 million (HK$140 million) of the rights issue proceeds will be used for capital expenditure. More than half, $44.6 million (HK$350 million,) will be spent on content and channels: $17.8 million (HK$139 million) on acquired channels: $12.8 million (HK$100 million) on movies drama series, and live entertainment content; and $11.4 million (HK$89 million) on internally-produced content.

More Biz

  • Smoke haze covers the Sydney Harbour

    Australia's Seven West to Merge With Affiliate Prime Media

    Australia’s Seven West Media has agreed a deal to acquire regional broadcast group Prime Media. The move is a further step in the consolidation of Australia’s traditional media industry. The two companies announced on Friday that Seven will make the acquisition entirely through the issue of new shares to the owners of Prime. Both companies [...]

  • Ron Meyer

    Ron Meyer Files $10 Million Suit Over Forged Rothko

    NBCUniversal Vice Chairman Ron Meyer has filed a $10 million suit against two art dealers, claiming they sold him a forged Mark Rothko painting in 2001. Meyer accuses Susan Seidel and Jaime Frankfort of duping him into buying the work. According to the suit, he was told that it would be included in an official [...]

  • Former movie producer Harvey Weinstein (L)

    Harvey Weinstein Seeks to Call Expert on 'Recovered' Memories at Rape Trial

    Harvey Weinstein’s attorneys are seeking to call an expert on “recovered memories” at his trial on rape and sexual assault charges. The defense has filed a motion asking to call Deborah Davis, a psychologist and professor at the University of Nevada at Reno. Davis is a frequent defense witness. She co-authored an article in 2006 [...]

  • Tekashi 6ix9ine Docuseries Coming From Showtime

    Tekashi 6ix9ine Docuseries Coming From Showtime and Rolling Stone

    Showtime Documentary Films today announced a new limited docuseries profiling controversial rapper Tekashi 6ix9ine. Titled “SuperVillain” and inspired by the Rolling Stone feature written by Stephen Witt, the three-part series will trace how a New York City deli clerk named Daniel Hernandez became superstar rapper Tekashi 6ix9ine — who racked up 2.6 billion streams and [...]

  • Fader Label Logo

    Fader Label Signs Two New Acts, Boosts Staff

    The Fader Label, home to Clairo, Matt and Kim and others, announced two new signings today along with three new hires on its staff. Charlie Burg and Zachary Knowles have joined the label’s talent roster, while Carson Oberg has come aboard as general manager, Yasmine Panah as project manager and Josh Hymowitz as label coordinator. They [...]

  • CBS HEADQUARTERS

    CBS-Viacom Merger Details Revealed, Shares to Trade on Nasdaq

    Negotiations between CBS and Viacom went down to the wire on the day the long-gestating transaction was finally sealed on Aug. 13. CBS Corp. and Viacom revealed the timeline of the merger talks in a Securities and Exchange Commission filing on Thursday that runs more than 650 pages. Also Thursday, CBS and Viacom said the [...]

  • Nile Rodgers and Merck Mercuriadis

    Hipgnosis Songs Raises Another $295 Million

    Hot on the heels of its deal to acquire a catalog of 108 Timbaland copyrights, Hipgnosis Songs has raised another $295 million (£231 million) — putting its total to nearly $800 million to date. According to the announcement, a total of 231,000,000 C Shares have been placed by Nplus1 Singer Advisory LLP  and J.P. Morgan [...]

More From Our Brands

Access exclusive content