The National Communications Commission (NCC) yesterday renewed the licenses for Gaho Cable TV (家和有線電視) and the Yangmingshan Cable TV (陽明山有線電視), two of the nation’s cable television service providers in Taipei, provided that they fulfill specific requirements within a certain period of time.
Yangmingshan must, within six months, turn in a guarantee issued by the banks that it has the ability to fulfill its contracts to customers who have pre-paid their monthly service fees.
The company is also required to submit a proposal within six months to show how it will raise the percentage of programs made by local producers.
The commission also found that Yangmingshan currently endorses a NT$2.9 billion (US$90.5 million) loan borrowed by its largest shareholder, an amount that is several times greater than the company’s net value. The commission then required the company to reduce the loan it endorses by 20 percent within two years.
Gaho was also asked to follow the same requirement of raising the percentage of locally produced programs.
Gaho has also endorsed a NT$1.5 billion loan borrowed by its largest shareholder, which is about five times greater than the company’s net asset value.
The commission also emphasized that it was in the process of amending terms and agreements in the standardized contracts between cable service providers and customers.
In the future, the commission will ask all the cable service providers adopting the prepaid service to have guarantees certified by the banks, including those that have already had their licenses renewed. Those adopting the pay-after-use service, on the other hand, are not required to do so.
NCC spokesperson Lee Ta-sung (李大嵩) said the commission members have shown great concern over the financial risks that these two local cable service operators are facing.
The requirements are precautionary measures meant to protect consumers in case of financial problems.
Given the fact the ultimate shareholders of the companies are investors from overseas, the commission is also concerned whether the investment actually helps the industry, he said.
Gaho Cable TV is owned by the China Networks Systems (中嘉網路), which was bought by the Seoul-based private equity firm MBK Partners last year.
Yangmingshan Cable TV was one of the cable services bought by the Carlyle Group, a US private equity firm. Each controls the shares of Gaho and Yangmingshan respectively through multiple local firms.
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