Pacific Century CyberWorks remains undecided about how to consolidate its convergence television service Network of the World (NOW) with Cable & Wireless HKT's interactive television operation iTV, according to executives. Deputy chairman Alex Arena said management was still reviewing both NOW and iTV's operations. However he said the company could now spend less on the NOW service because competition for Internet content had decreased after the fall in the sector. 'We are actually spending less money going forward than we believed was necessary before', due to the changes in market circumstances, said Mr Arena after the company's extraordinary general meeting yesterday. CyberWorks' shareholders approved a plan to issue US$500 million in convertible bonds and change its Chinese name subsequent to the completion of the merger with HKT on August 17. Deputy chairman Francis Yuen Tin-fan (pictured) said the company had received US$1.1 billion from its bond issue and US$1.63 billion from its rights issue. He said the fall in the company's share price had no impact on its business plan. 'Our share price fluctuation has no bearing on the company. It is business as usual.'
