PCCW chairman Richard Li Tzar-kai yesterday denied media reports that he was interested in bidding for a controlling stake in Television Broadcasts (TVB), the city's largest television broadcaster.
In a company statement yesterday, his telecommunications flagship said that it had no such intention and the plan for restructuring its core assets announced two weeks ago had nothing to do with TVB.
But the statement did not mention whether Mr Li wished to buy a controlling stake in Shaw Brothers (Hong Kong), which is 75 per cent owned by TVB chairman Sir Run Run Shaw and controls 26 per cent of TVB. Market talk is that Sir Run Run intends to sell his 75 per cent stake in Shaw Brothers for at least HK$10 billion, which will include the 26 per cent stake in TVB and several lots in Clearwater Bay.
Yesterday, a newspaper reported that property developer Yeung Kwok-keung, chairman of Country Garden Holdings, was expected to close a HK$7 billion financing deal to support his bid for the 75 per cent stake in Shaw Brothers.
Mr Yeung had secured a HK$3 billion private loan from Henderson Land chairman Lee Shau-kee to back his deal.
The rumour mill said that Sir Run Run was unwilling to sell his media kingdom to Mr Yeung as he and his wife Mona Fong, the deputy chairperson of both companies, worried about letting the broadcaster fall into the hands of someone without media experience. 'The report that Mr Yeung may partner with several previous shareholders of Asia Television caught the attention of Mona Fong,' said a source.
