Developer to take control of ATV
By Ding Yining |
March 13, 2010, Saturday
|
Print Edition
Print Edition
A SHANGHAI-born real estate developer is likely to become the new president of Asia Television Ltd with a US$293 million equity investment.
Wang Zheng, chairman of the Shenzhen-listed Rongfeng Holding Group, announced on Thursday he had bought an over-50 percent stake in the Hong Kong-based station.
The deal was signed on March 2 with shareholders of ATV. Wang didn't reveal the amount of investment, nor the exact equity he gained in the deal.
He told a press conference in Beijing that he hoped to join ATV in the first half of this year. He said he hoped to build up ATV's news coverage to become an "Asian CNN" and may map out a long-term plan for the station. He added that ATV's weakness is an over-concentration on the local market.
Wang said ATV's news-reporting independence will not be a problem because "the independent media status of ATV is most precious."
Strictly business
He promised not to cut staff and said he may consider co-producing TV series in cooperation with mainland TV stations.
Wang said the move was a business investment and not connected with mainland or Hong Kong government officials, according to Oriental Morning Post.
Wang also said he had considered buying Television Broadcasts Ltd for 4 billion yuan before reaching an agreement with ATV.
Wang, 47, is the great-grandson of Sheng Xuanhuai, one of the most famous entrepreneurs in the late Qing Dynasty. His father is Shu Tong, party secretary of Shandong Province from 1954 to 1958 and founder of the China Calligraphers Association.
Wang moved to Hong Kong in the middle of the 1980s and began to engage in removal and relocation of households in Shanghai in early 1990s.
ATV, the first Chinese-language TV station, was established in 1957.
Five domestic companies -- China Life Insurance, China Overseas Holdings, GDH group, China Merchants Bank, and Bank of Beijing -- went into cooperative relationships with ATV on advertising and investment deals, but currently are not involved in equity investment.
ATV is seen in Hong Kong, Southeast Asian countries and in parts of North America, but not on the Chinese mainland.
Wang Zheng, chairman of the Shenzhen-listed Rongfeng Holding Group, announced on Thursday he had bought an over-50 percent stake in the Hong Kong-based station.
The deal was signed on March 2 with shareholders of ATV. Wang didn't reveal the amount of investment, nor the exact equity he gained in the deal.
He told a press conference in Beijing that he hoped to join ATV in the first half of this year. He said he hoped to build up ATV's news coverage to become an "Asian CNN" and may map out a long-term plan for the station. He added that ATV's weakness is an over-concentration on the local market.
Wang said ATV's news-reporting independence will not be a problem because "the independent media status of ATV is most precious."
Strictly business
He promised not to cut staff and said he may consider co-producing TV series in cooperation with mainland TV stations.
Wang said the move was a business investment and not connected with mainland or Hong Kong government officials, according to Oriental Morning Post.
Wang also said he had considered buying Television Broadcasts Ltd for 4 billion yuan before reaching an agreement with ATV.
Wang, 47, is the great-grandson of Sheng Xuanhuai, one of the most famous entrepreneurs in the late Qing Dynasty. His father is Shu Tong, party secretary of Shandong Province from 1954 to 1958 and founder of the China Calligraphers Association.
Wang moved to Hong Kong in the middle of the 1980s and began to engage in removal and relocation of households in Shanghai in early 1990s.
ATV, the first Chinese-language TV station, was established in 1957.
Five domestic companies -- China Life Insurance, China Overseas Holdings, GDH group, China Merchants Bank, and Bank of Beijing -- went into cooperative relationships with ATV on advertising and investment deals, but currently are not involved in equity investment.
ATV is seen in Hong Kong, Southeast Asian countries and in parts of North America, but not on the Chinese mainland.
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