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HKTV denies reports of ATV takeover

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HKTV chairman Ricky Wong has denied reports that his company has reached a deal to acquire a controlling stake in troubled broadcaster ATV.At around 7am this morning, Wong issued a statement saying that while he did meet with ATV major investor Ching Wong on 26 March to "exchange and discuss preliminary ideas" no deal or agreement had been reached."The company has not entered into any discussions with the joint and several managers of ATV appointed by the High Court of Hong Kong Special Administrative Region," the HKTV statement said.Last night however, ATV via its 6pm newscast, said ATV's largest stakeholder Ben Koon Wong and major investor Ching Wong had sold a controlling stake to HKTV and cleared its debt responsibilities.The "news" announcement was seen as a political stunt by ATV managers to buy more time ahead of an Executive Council meeting on the future of ATV scheduled for today.Since last year, ATV has been found holding wages to around 700 staff at a cost of HK$15 million. The cash-strapped broadcaster is said to have accumulated debt of up to HK$1.8 billion.Even though ATV has worked hard to raise fund with special campaigns, including a discounted package selling ad slots at a discounted prices of HK$30,000, and even as low as HK$10,000, its woes have continued.ATV is reported to have received at least two applications from Hong Kong and Mainland investors interested in acquiring its shares. The first buyer was said to offer HK$200 million for 90% share of the station, while the other offered HK$300 million for full acquisition.Both have been rejected with Ching Wong describing the offers as “unworkable”.

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