Shaw Brothers Buyout Plan Announced

HONG KONG, December 23: Hong Kong tycoon Sir Run Run Shaw has confirmed plans to privatize Shaw Brothers—which owns a stake in terrestrial broadcaster TVB—for $172 million.

The move sent the company’s stock up by some 58 percent today, peaking at HK$12.86 before closing at HK$12.64. Shaw’s buyout plans follow his failed attempt to offload his 75-percent stake in the company, whose crown jewel is its 26-percent interest in Hong Kong’s leading terrestrial broadcasting group, TVB.

Shaw is spending HK$13.35 per share for the shares in Shaw Brothers that he doesn’t already own.

—By Mansha Daswani