SHAW Brothers is discussing the sale of movies to the United States-based National Broadcasting Co (NBC), says chairman Sir Run Run Shaw.
He dismissed rumours at Shaw Brothers' annual general meeting yesterday that NBC was eyeing a stake in his company.
'NBC won't buy our stake, not even that of TVB (Television Broadcasts),' he said.
'We are doing another business. We are talking about distribution or sales of movies. We have a large stock of pictures.' The deal, if it went through, would involve the sale of old movies from Shaw Brothers' storeroom.
'We may need to produce some new pictures for NBC as well,' Sir Run Run said.
Concern was raised as to how Shaw Brothers could guarantee a constant inflow of cash in the coming financial year, given that the group had already sold four property subsidiaries in June, raising $1.8 billion.
For the financial year to March, the group's profit after taxes rose to $875 million against $354.4 million in the previous year.
