Television Broadcasts (TVB) late last night unveiled the financial details of its joint venture with state-run China Central Television (CCTV) and its working partnership with the mainland broadcaster. TVB will pay HK$23.4 million to take up a 60 per cent stake in the joint venture, while China International Television Corp, the international business unit of CCTV, will contribute HK$15.6 million to subscribe the remainder, according to an announcement issued last night. The joint venture, the conclusion of lengthy negotiations, has been perceived as two media companies working together to tap the mainland market, as well as the overseas Chinese market. Investors yesterday cheered the deal with TVB shares rising 10.47 per cent to close at HK$25.85. Lehman Brothers sees the tie-up between the state-run broadcaster and the entertainment-oriented station owned by media tycoon Sir Run Run Shaw as 'a giant step forward'. However, DBS Vickers Securities said that apart from planned programme offerings, no further details, including the new joint venture's business model and profit-sharing terms, had been made available. Last night's announcement showed that TVB had been working closely with CCTV on a wide range of activities, such as programme broadcasting and distribution and co-production, even before the deal was done. Yet regional broadcasters remained cautious on the tie-up as the rights to broadcast TVB's existing satellite channels, TVB8 and Xing He, into the mainland had yet to be clarified. And also, the popularity of the new satellite channel operated by CCTV and TVB also remained to be seen. A TVB source said without elaborating that the channels were to be distributed to China, as well as the global market. However, he said TVB and CCTV's joint venture had been delayed a couple of times during the lengthy negotiations.