Unknown buyer to acquire outgoing chairman Charles Chan’s stake in Hong Kong broadcaster TVB
- Kenneth Hsu Kin to buy a 56.5 per cent stake in Young Lion, which controls a 26 per cent stake in free-to-air broadcaster TVB, from Charles Chan
- Shareholding changes come after TVB restructures operations to counter falling revenue
A relatively unknown buyer will own a substantial stake in Television Broadcasts Ltd (TVB), Hong Kong’s dominant free-to-air broadcaster.
Kenneth Hsu Kin has acquired a controlling stake in an entity which is majority-owned by Charles Chan Kwok-Keung, the chairman of TVB, who soon plans to retire after five years in the role amid concerns about its outlook.
Hsu disclosed in a filing to the Hong Kong stock exchange on Friday that he has bought a 56.5 per cent stake in Young Lion Holdings, the parent company of Shaw Brothers, which in turn owns 26 per cent of TVB.
Not much is known about Hsu though. However, according to local Chinese newspapers, Hsu has a background in engineering.
The transaction is now subject to approval by the Communications Authority.