Troubled digital radio broadcaster Digital Broadcasting Corporation will stop airing programmes on Wednesday night as it is no longer financially viable.
Speaking on a DBC programme on Tuesday, founder and host Albert Cheng King-hon said regular programming would stop at 5pm. From 5pm to 8pm, hosts of weekend programmes will go on air to bid farewell to listeners.
The decision was made after shareholders failed to reach a consensus over funding of the four-month-old station. Chief executive and board member Morris Ho Kwok-fai said an urgent board meeting was called on Tuesday, but the number of attending board members failed to meet the 90 per cent minimum required to make such a decision.
Ho claimed board member Joseph Pang Yuk-wing, who was also representing fellow member Bill Wong Cho-bau, told him the two would no longer continue to fund the company.
Together with Cheng and Ronald Arculli, Ho had offered to buy the shares from other members at half the original price. But the other members did not agree to this proposal and made no counter offers.
“I have no choice. I cannot help it,” Ho said after apologising to listeners for the service halt.