TVB chairman plans to sell stake in broadcaster, step down from board next month
- Chairman Charles Chan Kwok-keung unveils plan to sell his interest in Young Lion, which controls 26 per cent stake in free-to-air broadcaster TVB
- Shareholding changes come amid plans by TVB to lay off staff to counter recession, falling revenue
Hong Kong’s maverick deal-maker Charles Chan Kwok-keung is planning to sell all his stake in Television Broadcasts Limited (TVB) and step down as chairman of the city’s dominant free-to-air broadcaster from next month amid concerns about its business outlook.
The 64-year-old businessman has signed a conditional agreement to sell his interest in Young Lion Holdings, the single largest owner of TVB, the company said in an exchange filing on Wednesday. The sale is part of a proposed reorganisation of interests among the shareholders Young Lion, it added.
The buyer was not disclosed. TVB has not been authorised by the buyer to disclose any details at the moment, a spokeswoman told the Post.
Young Lion is the parent company of Shaw Brothers Limited, which held a 26 per cent stake in the broadcaster, according to the company’s most-recent annual report in 2018. The other two shareholders of Young Lion are vice-chairman Li Ruigang, who is the founder of China Media Capital, and Wang Hsiueh Hong.
