Shock as HKTV boss Ricky Wong ‘agrees to buy beleaguered rival ATV’
Beleaguered free-to-air channel reports that Ricky Wong will be its new owner if courts and regulators approve; HKTV offers no comment
Struggling free-to-air broadcaster ATV dropped a bombshell yesterday, announcing that major investor and de facto boss Wong Ching had agreed to sell his controlling stake to HKTVs maverick chief, Ricky Wong Wai-kay.
The stunning announcement came during ATV's Chinese-language newscast at 6pm, and was repeated after the commercial break for added impact.
HKTV offered no comment and made no announcement to the stock market yesterday.
New: HKTV denies agreement to take over rival ATV
According to the report, Wong Ching and his relative, Wong Ben-koon, who holds the 52.4 per cent stake on paper, had accepted Ricky Wong's offer for the stake. HKTV would take over the broadcaster while the outgoing owners would take care of its debts. The station was waiting for approval by the High Court and accounting firm Deloitte, which was appointed to sell a 10.75 per cent stake to a "white knight". The Communications Authority would also have to approve.
ATV's announcement stunned industry insiders, especially after Ricky Wong repeatedly and categorically denied he would do any such deal with the station he once ran for 12 days.
[Government] would rather renew ATV’s licence than let it die
They described it as a slap in the face for Chief Executive Leung Chun-ying, who was evasive when asked about ATV yesterday morning, Leung would only say ATV's licence was being handled according to established procedures and the law.
They noted that the Executive Council had already delayed a decision on renewing ATV's licence for four months while waiting for a white knight. That was despite the fact the Communications Authority's predecessor, the Broadcasting Authority, recommend not renewing the licence, which expires late this year.