Final credits may not roll for beleaguered Hong Kong broadcaster ATV just yet
Glimmer of hope for ailing broadcaster, as sources hint a 'white knight' could step in to save jobs and bid to win back station's licence
ATV may not yet be at the end of the road, with influential supporters who do not want to see TVB monopolise Hong Kong's free-to-air television seeking a lifeline for the ailing station.
Despite the tone of finality in Wednesday's announcement that the Executive Council would not renew ATV's licence when it expires in November, sources yesterday told the South China Morning Post there was still a chance the broadcaster could survive in some form. That could even involve a total rebrand, given the severe damage to its reputation in the past few years.
The decision was in compliance with procedures and laws. It is … reasonable
Officially, ATV will be allowed to broadcast until April 1 next year. But whether it lasts that long is in serious doubt, given that shareholders - old or new - have no incentive to put funds into the loss-making station.
But two sources with links to the mainland and Beijing's liaison office in Hong Kong said there could still be potential saviours, such as the family of late tycoon and former ATV boss Deacon Chiu Te-ken.
READ MORE - The last broadcast: ATV staff prepare for life when troubled station goes off air
Last month, the sources said, it was assumed that Chiu's son, David, would buy the 52.4 per cent stake in ATV held by de facto boss Wong Ching through his relative, Wong Ben-koon. But the potential deal with David Chiu's Far East Consortium International, like others before it, blew up when Wong Ching "went rogue" and pushed for a "ridiculously high" price, sources said.
Wong Ching's bungling, including a false claim in ATV's evening news on Tuesday that HKTV boss Ricky Wong Wai-kay would buy the stake, has apparently upset the businessman's former backers in Beijing. But, the sources said, those backers did not feel ATV and its staff should pay for his blunders.