If the share price of Television Broadcasts is any guide, investors have switched off a potential takeover of Hong Kong's dominant free-to-air television network.
When talk of sale of control of TVB made news in late September, the shares jumped 17 per cent to HK$46.50. Since then, they have tumbled to trade at about HK$42 while the overall market has climbed.
It isn't the first time TVB's controlling shareholder and co-founder Run Run Shaw has entertained the idea of selling his shares, only to hold on to them. But the older he gets - he's now 102 years old - the more likely a deal gets done.
Shaw founded TVB four decades ago and it has dominated Hong Kong's free-to-air scene over its only rival, Asia Television (ATV), recently roiled by a shareholder dispute and management upheaval.
The free-to-air scene is about to get more interesting as the cosy duopoly ends. Three new entrants have applied to join the fray, including telecommunications entrepreneur Richard Li Tzar-kai, who already controls Now TV, a pay-television service.
The Broadcasting Authority opened the door to applications last year and says it expects to make some recommendations to Hong Kong's top lawmakers in the first half of 2011. A spokeswoman for the media watchdog says there's no limit on the number of licences that might be issued. It's widely expected that at least one will be issued, and some media analysts think all three might be granted.