In a new twist to the sorry drama of Hong Kong’s now-defunct ATV, the company is likely to avoid going into liquidation as a mainland China-based “white knight” has successfully acquired its majority stake and resolved its major debts totalling about HK$2.2 billion.
Asia Television was one of Hong Kong's two free television broadcasters. Established in 1957, it was the world's first Chinese television station but surpassed by its major rival Television Broadcasts in both company size and viewership. ATV’s reputation was badly damaged after its false report of former leader Jiang Zemin’s death on July 6, 2011. Its broadcasting licence expired on April 1, 2016.