Broadcasting Authority approves TVB shareholding change

The move will not affect the broadcasting company’s investment commitment of $6.3 billion from 2010 to 2015.

The Broadcasting Authority has approved an application to change the shareholding structure of Television Broadcasts (TVB), arising from the introduction of an investor group.

Controlled by Charles Chan, the group has acquired the entire stake in Shaw Brothers (Hong Kong), which owns 26% of TVB's voting shares.

The approval is subject to the condition TVB continues to comply with regulatory requirements.

After the shareholding change, TVB and Dr Chan will be bound by the statements, representations, assurances and undertakings made in the application.

TVB will remain a company incorporated in Hong Kong and its control and management will continue to be exercised in Hong Kong.

The selection, production or scheduling of programmes will continue to be conducted by principal officers who ordinarily reside in Hong Kong, and TVB's domestic free television programme service will remain primarily targeting Hong Kong.

The shareholding change will not affect TVB's investment commitment of $6.3 billion from 2010 to 2015 made in the mid-term review of its licence last year, according to a Broadcasting Authority report.

The authority has also received an application from TVB for the transfer by the Shaw Foundation of 2.59% of TVB shares to various education-based charities and institutions.