Developer David Chiu, son of ATV's 'father', in bid to form new TV station
Developer David Chiu and Pansy Ho join forces to seek TV licence with investment of HK$3.2b
The second son of late former ATV owner Deacon Chiu Te-ken is leading a consortium to apply for a domestic free-television licence, entering an arena already filled with aspirants seeking a share of the local television market soon to be vacated by the cash-strapped broadcaster.
David Chiu Tat-cheong, chairman of developer Far East Consortium International, announced yesterday that the consortium planned to set up a terrestrial television station to provide "free, multifaceted infotainment services", investing HK$3.2 billion in the first six years.
A heavyweight in the consortium is Macau tycoon Stanley Ho Hung-sun's daughter Pansy Ho Chiu-king, co-chairman of MGM China and one of the richest women in Hong Kong.
The Office of the Communications Authority confirmed the receipt of an application for a free-to-air television licence by Forever Top (Asia), the consortium led by Chiu, on April 15.
The move came after the government decided to scrap ATV's free-to-air licence next April after the struggling station failed to come up with a restructuring proposal. Earlier this month the Post named David Chiu's family as a likely saviour of ATV.