ATV sells stake to China Culture Media

Asia Television is changing hands.ATV executive director Ka-po Ip announces the company has sold 42% equity interest to China Culture Media International Holdings and the deal has been approved by its agent Deloitte.Shareholder Ben Koon Wong is selling his 52.41% stake to the Chinese company, and 41.66% has been successfully sold, says Ip.Wong and China Cultural Media Group reached the agreement on 11 June, and the remaining 10.75% stake will be released later.China Culture Media, which bought the shares, belongs to Qingdao-based Sino Finance International Investment Group.Ip emphasises that ATV's editorial stance will not change, adding that its news department will remain impartial.He also says the new investor plans to invest HK$10 billion in ATV, which will then be able to pay employees as well as increase salaries in future.ATV plans to add two channels to its current six, and the eight will include a finance channel and a Mandarin channel, Ip adds.The broadcaster will also reapply for its licence, which the government turned down the renewal in April.The existing licence will expire in seven months.The Communications Authority said it has received ATV's notice on the shareholders' change and is processing it according to the Broadcasting Ordinance.