Investor Group Takes Stake in HK Broadcaster

HONG KONG: An investor group led by entrepreneur Charles Chan Kwok Keung that includes Providence Equity Partners has acquired Shaw Brothers’ 26-percent stake in TVB for an undisclosed sum.

Chan, chairman of ITC Corp., and Providence are joined in the investor group by Cher Wang, chair of HTC Corp. The deal is expected to close by the end of March. The current management team will remain in place.

Announcing the new ownership, TVB said in a statement that it has been "striving to take full advantage of new technological development, reaching out to audiences all over the world through different platforms, and expanding its business internationally. Under the leadership of its current management…together with the support of the relevant experience and background of the investor group in the field of new media and international media business, TVB believes that its far reaching goal can be attained more effectively and efficiently. The contributions of the investor group will help instill positive energy into the company and take its business to a new dimension on a global scale.

Shaw Brothers’ Sir Run Run Shaw co-founded Hong Kong’s leading broadcaster in the ’60s and has been its largest individual shareholder.