On September 10, ATV executives held a press conference to announce the station’s future plans. Executive director Ip Ka Po (葉家寶) revealed that a Mainland Chinese consortium had purchased nearly half of ATV’s shares earlier this summer, and that these new investors are planning to put in a total of $10 billion HKD to develop ATV into a major media business. ATV announced earlier in June that it had found new investors, but the Hong Kong station declined to disclose the name of the buyers. Ip Ka Po finally confirmed on Thursday that China Culture Media International bought 41.66 percent of shares in ATV from major shareholder David Wong (黃炳均) on June 11. ATV is currently waiting for the government’s approval of the transfer of ownership. The Hong Kong government declined ATV’s request to renew its free-to-air license in April due to the station’s dwindling ratings. ATV will operate until April of next year, but with the support of the new buyers, ATV has plans to reapply for a new license. Ip Ka Po announced that China Culture Media International will be investing $10 billion HKD to support ATV’s future endeavors in the television market, including an additional $5.1 billion HKD for ATV over the next six years. ATV will also develop an online channel and a satellite channel. However, the Office of Communications Authority are concerned about the new buyers’ credentials, as it is an unfamiliar business in Hong Kong. There are also growing concerns that ATV’s editorial freedom would be compromised due to the buyer’s Mainland background, but Ip Ka Po assured that the funding is “definitely not red capital.” In regards to the delayed August payments for its employees, Ip Ka Po stressed that at least 80 percent of its workers have received their wages. Nonetheless, Hong Kong’s Labour Department expressed that it has received a case and is currently investigating ATV. Creds: ihktv
Damn I knew it was mainlanders!!! I called it, I seriously hope the government doesn't allow this but the HK government has been so iffy lately ugh. I rather they just give HKTV the air to free license instead...and all the employees from ATV go there to work. For sure this will compromise their news...Ip doesn't care about that he just wants to get paid, I don't fault him for that but come on open your eyes..
YEa... it had to be mainland that would just dump so much $$$ into a black hole. No wonder all the programs are so shite... just gonna be a channel for mainland crap. RIP ATV
I think most people guessed the same, it's money from the mainland... Let's see how long they last till that 10bil hk last.
Please prevent mainlanders from invading HK and other parts. Stop the stupid big green people. Don't wanna hear them talk on tv.
They're probably using it to wash there mainland money and try to bring more of there peeps out of the mainland.
Isn't competition good? Although I don't want ATV to become mainlander's puppet; the injection of new funds for a dying franchise should be perceived to be a good thing.
It's good as long as they are inly investors injecting into ATV.. and not investors controlling ATV.... if ATV continues to employ locals etc and promote local shows/productions then its great... but at the moment (and for the last few years leading up to its demise) ATV wasn't producing any series.. merely just broadcasting china series or super old korean/jap/taiwan series
only way to revitalize is to get people there and start filming things. they need to bring in controversial stars like shirley yeurng, shu qi, jessica hsuan,
