The High Court on Friday allowed the controlling stake in defunct broadcaster Asia Television to be formally sold to a mainland investor, who claimed he had a rescue plan for the troubled firm.
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.