Economy
Shanghai property tycoon seeks to buy out ATV
By Zuo Likun (chinadaily.com.cn)
Updated: 2010-02-03 13:59
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Shanghai real estate tycoon Wang Jing is believed to be nearing a deal to buy a controlling stake in Hong Kong's cash-strapped broadcaster Asia Television Limited (ATV), the Oriental Morning Post reported.
Wang, chairman of Shanghai-listed property giant Rongfeng Holding Corp. is in negations with several shareholders over the deal, which, if successful, would secure him 61% holding stakes, the report said.
However, two top shareholders have been in a public tussle over the loss-making broadcaster's fate.
HK tycoon Payson Cha Mou-sing, who currently owns a controlling stake in ATV, wants to cash out the broadcaster, while Taiwan billionaire Tsai Eng-meng, who has first refusal on Cha's stake, opposes the deal and intends to pump in millions to revive the TV station.
ATV has been mired in difficulty for years, chalking up annual losses of over HK$1 billion. 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. Now, a HK resident, he has also invested in the territory's real estate.
Besides Wang, potential bidders include a Macao casino banker and a HK media businessman.
