There is a chance to resurrect Asia Television, says the businessman who still aspires to be the "white knight" of the ailing broadcaster, if the government allows the station to keep its spectrum for another three years. In an exclusive interview with the South China Morning Post , Kelvin Wu King-shiu, principal partner of AID Partners Capital, the private equity firm that signed an agreement to acquire a controlling stake of 52.4 per cent in the beleaguered broadcaster, said although ATV would lose its free-TV licence next year, the station might still live if its fixed carrier's licence could continue until November 2018 as originally stated. But despite uncertainties over the ATV deal, Wu has gone ahead with his television venture, including an investment in a Chinese remake of American hit teen drama Gossip Girl . "On the one hand, we can work with another free-TV licence holder and broadcast its content. On the other, we can apply for a new free-TV licence," Wu said. The fixed carrier licence allows communication between fixed locations. Both ATV and TVB have this licence, which allows them to broadcast their terrestrial free-TV services through existing spectrums. AID's managing partner Gilbert Ho Chi-hang said the free-TV licence and fixed carrier licence were separate. ATV's free-TV licence will expire in November, but it can continue operating until April 1 next year, according to the Executive Council's decision. But the fixed carrier licence is supposed to run until November 2018. Although the council last week decided to terminate ATV's fixed carrier licence next year, Ho is hopeful that the government can examine the issue. "We have asked Deloitte to help us clarify the situation," Ho said. "This is the first time in history that the government has not renewed a free-TV licence. It will take time to work this out." AID signed the agreement to acquire the controlling stake on March 31, but the deal was dependent on ATV having its free-TV licence renewed. Wu said he had not given up on his TV dream. He stressed that he would not be a landlord renting out time slots to others. "Content is king," Wu said. "I want to make something cool and international and nurture an environment for young people." Wu, a film and music buff who previously acquired legendary studio Golden Harvest and saved HMV in Asia, said he hoped to change the community and the government's mindset about the creative industries through a new operational model driven by the synergy of various mediums. "Do we still want to develop our soft power?" asked Wu. "Many investors do not think that the entertainment or creative business is a 'sexy' venture in terms of investment return. But this is not a short-term business." Wu said he wanted to revive the glory of Hong Kong film and television. He said he hoped his remake of Gossip Girl could benefit Hong Kong by bringing the city's talents on board.