TVB, the major HK broadcaster, changes its ownership

1 April 2011 17 h 50 min 12 comments

Hong Kong, – Television Broadcasts Limited (“TVB”) is pleased to announce its change in shareholding on 31 March 2011.

The company can also announce that;

. the transaction involving the sale of entire shareholding in Shaw Brothers (Hong Kong) Limited to an investor group comprising Dr Charles Chan Kwok Keung, Madam Cher Wang and Providence Equity Partners LLC has been duly completed. Following the completion, the investor group has acquired 26% issued share capital of TVB. TVB has obtained the approval from the Broadcasting Authority in relation to such change in shareholding of TVB;
. The Shaw Foundation Hong Kong Limited has donated a portion of its shares in TVB (totaling 2.59% of TVB’s issued share capital) to various education and charitable institutions in Hong Kong. TVB has sent in its application to the Broadcasting Authority today for approval of change in shareholding arising from such donation.
. The Shaw Foundation Hong Kong Limited and Madam Fong now hold a total of approximately 3.9% issued share capital of TVB.

The Board of TVB has appointed Dr Charles Chan Kwok Keung, Madam Cher Wang and Mr Jonathan Milton Nelson of Providence Equity Partners LLC as Non-executive Directors of the Company effective 1 April 2011.

TVB will undoubtedly benefit from their experience and business acumen. With such a solid team on board, together with the strong and effective leadership of TVB’s current management (including Chairman, Executive Deputy Chairman, Deputy Chairperson and Managing Director, Group General Manager and other General Managers) which will continue to lead the Company, TVB will grow from strength to strength.

. Dr Charles Chan, aged 56, is a well known entrepreneur, with diversified businesses in Hong Kong, Mainland China and other parts of the world. He holds an Honorary degree of Doctor of Laws and Bachelor’s degree in Civil Engineering and has over 30 years’ international corporate management experience in the construction and property sectors, as well as in strategic investments. These diversified experiences of Dr Chan would not only give TVB valuable guidance in its business development in future but also help TVB reach its full potential. Dr Chan is currently the chairman and executive director of ITC Corporation Limited (“ITC”) and a non-executive director of PYI Corporation Limited (“PYI”). Both are listed companies in Hong Kong.

. Madam Cher Wang, aged 52, has established a number of highly successful IT-related businesses. Her business achievements have been widely acclaimed in major international media. She is currently chairman of three Taiwan-listed companies, and on the board of directors of or advisor to numerous other companies. She founded VIA Technologies, Inc. in 1987, and is also founder and chairman of HTC Corp., established in 1997, a multi-billion dollar global company that develops the most innovative smart phones on the market. In 2005, she was selected as an Innovator in the 2005 Stars of Asia: 25 Leaders on the Forefront of Change by Business Week and was named as one of the ten executives to watch in Asia. Her outstanding and successful experiences and invaluable technological background will no doubt be a powerful driving force to move the Company forward to new heights.

. Mr Jonathan Milton Nelson, aged 54, is the chief executive officer and founder of Providence Equity Partners LLC (“Providence”), a private equity firm that manages approximately US$22 billion of committed capital and specializes in equity investments in media, communications and information companies in North America, Europe and Asia. He founded Providence in 1989 and has been investing in private equity transactions for 27 years, focusing on media, telecom, and entertainment. He serves on the board of many renowned public companies as well as numerous privately-held companies. Mr Nelson received a Master of Business Administration from the Harvard Business School in 1983 and a Bachelor of Arts from Brown University in 1977. His extensive network in various diverse fields will definitely take the Company’s business to a new dimension on a global scale.

Riding on the relevant experiences, excellent technological background of the new investors in the field of new media and international media business, it will no doubt complement TVB’s conventional television broadcasting business and lead the Company from strength to strength. The Company is confident that the synergy effect will not only be beneficial to its future diversified development but also for the well being of the media industry of Hong Kong as a whole.

SOURCE: TVB, 31/03/2011

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