TVB downplays sale reports

Hong Kong - Hong Kong's top broadcaster TVB today said reports of a sale were both incorrect and speculative.

Yeung Kwok-keung, chairman of real estate group Country Garden, was widely reported to have secured funds to buy a controlling stake in Hong Kong's top broadcaster from its 100-year-old founder Run Run Shaw.

Reuters said Yeung had secured more than HK$10 billion to buy a 75% stake in Shaw Brothers (Hong Kong), the investment vehicle that holds a controlling 26% stake in TVB.

TVB today issued a statement on the stock exchange saying the disposal of 26% of the company's shares were "incorrect and speculative in nature".

Reports of a sale have dogged the company for weeks, but TVB and Shaw Brothers have consistently denied such rumours.

"The Company refers to certain Articles appearing in the press today regarding the disposal of 26% interest in the Company and the Articles to this effect is incorrect and speculative in nature," the statement said.

"The company confirms that there are no negotiations or agreements relating to intended acquisitions or realizations.