Broadcaster's chief snares Lai Sun's holding for 16pc less than his original offer Asia Television (ATV) chief executive Chan Wing-kee yesterday completed his acquisition of Lai Sun Development's 32.75 per cent stake in the broadcaster and 50 per cent of ATV.com for less than HK$300 million. The price represented a discount of at least 16 per cent on the HK$360 million Mr Chan originally agreed to pay for the stakes in November last year. The price was also a third of what Tom.com was willing to pay for it in August. 'We signed on Wednesday night,' Mr Chan told the South China Morning Post. 'I am satisfied with the deal.' The purchase lifts Mr Chan's stake in ATV from 19 per cent to about 45 per cent. Phoenix Satellite Television chief executive Liu Changle remains ATV's major shareholder, with an effective 46 per cent interest. In August, Tom.com agreed to acquire Lai Sun's 32.75 per cent stake in Hong Kong's number two free-to-air television station for HK$886.6 million. That price was based on Mr Liu's claim that the broadcaster was worth about HK$3 billion. However, Tom.com wanted to buy additional shares from Mr Liu to take a controlling stake in ATV. But after Mr Liu raised his asking price - citing the broadcaster's landing rights in Guangdong - Tom.com scrapped its acquisition plans. ATV is now in negotiations with the Guangdong Administration of Radio, Film and Television to share advertising revenue with Pearl River Delta cable operators, which profit by splicing out ATV's advertisements and selling the spots to local companies. According to a well-placed source, those negotiations are nearing a conclusion. The Guangdong administration is driving a hard bargain, as the deal will set an important precedent for similar negotiations in the future with Hong Kong's dominant broadcaster, Television Broadcasts. Referring to the discrepancy between Tom.com's original offer and his purchase price, Mr Chan said the firm should not be valued at 'market prices' because it was not a public company. He said he would arrange shareholder loans in the near future to shore up the company's financial position. ATV is also looking to raise capital from outside investors. 'We will introduce strategic investors in two phases - one in the coming few months [and the] second months ahead of our listing by the end of next year,' Mr Chan said. Analysts said the discounted pricing was reasonable. '[Lai Sun] didn't have any negotiating power,' said Kenny Tang Sing-hing, an associate director at Tung Tai Securities. Lai Sun - which has debt of more than HK$8.3 billion - was desperate to sell its stake in ATV. In November, it signed an agreement to sell its stake in the TV station for HK$360 million in cash to Dragon Goodwill International, a company 80 per cent held by Mr Chan. Both Mr Chan and executives at RoadShow, owned by Kowloon Motor Bus Holdings, declined to comment on reports that the media advertising firm was interested in buying a stake in ATV. 'I have plans to bring in strategic investors. But I can't tell you now who they are,' Mr Chan said.