Troubled China Entertainment Television Broadcast (CETV) yesterday laid off half its 200-strong workforce and reiterated that the station would close at the end of the month unless new investors could be found.
The station with the 'no sex, no violence, no news', programming philosophy will be the third Hong Kong-based television company to begin the year by sacking workers, joining Wharf Cable and financial business channel CNBC.
CETV is searching for investors after the collapse of a deal, signed in October, to sell an 80 per cent interest in the company to a consortium of five mainland firms.
Founder and chief executive Robert Chua Wah-peng said that, without a cash injection from a 'white knight', the station would have to shut at the end of this month.
He said there had been discussions with potential investors but nothing concrete had emerged.
'We have had two or three interested parties and talks at an initial stage. I'm still pretty optimistic of a deal with somebody by the end of January. We're keeping our fingers crossed.' These interested parties are 'basically connected to the mainland,' Mr Chua said.