Hong Kong’s TVB Sells Taiwan Cable Channels For $150 million
Hong Kong group Television Broadcasts (TVB) has sold a 53% stake in its cluster of Taiwanese channels to a trio of investment companies.
The deal is understood to be worth US$149 million (NT$4.69 billion).
The deal may help TVB refocus on mainland China and simultaneously unblock potential regulatory problems in Taiwan.
The trio of investment companies Li Mao, Te En and Lien Hsin are all understood to be connected to Cher Wang, Taiwan’s richest woman. Wang, who made her fortune from the HTC smart phone group, owns an unspecified stake in TVB and has two seats on its board. She is also backer of film distributor Catchplay.
The Liann Yee Production company, in which TVB will retain a 47% stake, operates Taiwanese cable channels TVBS, TVBS News and TVBS Entertainment.
Once the transaction closes, Liann Yee will also repay a US$38 million (NT$1.2 billion) loan to TVB.
Related stories
Construction Worker Killed on Set of Martin Scorsese's 'Silence'
Taiwan's Catchplay Backs New Regency Slate
Press Freedom: Fire Bomb Attacks on Hong Kong's Apple Daily Founder Jimmy Lai
Get more from Variety and Variety411: Follow us on Twitter, Facebook, Newsletter
