TVB controlling stakeholder brings in mainland media veteran Li Ruigang as partner
The investor group that owns the controlling stake in Television Broadcasts has brought in a veteran of the international media and entertainment industry as its partner.
The investor group that owns the controlling stake in Television Broadcasts has for the first time brought in a mainland veteran of the international media and entertainment industry as a major partner.
It comes amid changing dynamics in the local television industry and fierce criticism of the broadcaster's programming.
The Communications Authority yesterday approved the application for changes in the shareholding structure of TVB.
But the stake in TVB - indirectly held by controlling shareholder Young Lion Holdings, which has until now been controlled by TVB chairman Charles Chan Kwok-keung, non-executive director Cher Wang Hsiueh-hong and Providence Equity Partners - remains unchanged at 26 per cent of the voting shares.
What has changed is the shareholding of this consortium, which has brought in Li Ruigang, the founding chairman of CMC Capital and chairman of Shanghai Media Group (SMG), as a shareholder of Young Lion, making him an indirect TVB investor.
