Television Broadcasts Satellite (TVBS), one of the nation’s cable television networks, yesterday announced that 47 percent of its shares previously owned by Countless Entertainment have been purchased by three current Taiwanese shareholders, which collectively own 53 percent of the company.
“The network would become fully owned by the Taiwanese nationals. The investors have indicated that they would keep the current management team and expand the network’s business around the world,” the company said in a statement, adding that it would soon send the purchase proposal to the Investment Commission and the National Communications Commission for approval.
The Taiwanese cable network was previously owned by Hong Kong television broadcaster Television Broadcasts Limited (TVB), which also made the announcement yesterday on its Web site.
Based on the information disclosed by the network’s previous owner in Hong Kong, the deal is valued at about NT$4.34 billion (US$130.58 million). TVB said in the statement that it would no longer hold shares in TVBS after the transaction, but that it would maintain ownership of the properties in Taiwan, including the TVBS buildings in Taipei’s Neihu District (內湖) and on Bade Road in Taipei.
The three Taiwanese shareholders were reported to be affiliated with HTC Corp Chairwoman Cher Wang (王雪紅), who owns an unspecified share in TVB.
In January last year, TVB sold TVB Investment Ltd (TVBI) and Countless Entertainment, two of its fully owned subsidiaries, to the three Taiwanese shareholders.
Countless then sold 53 percent of the shares it owned in Liann Yee Production Co, the Taiwanese firm that operates cable channels TVBS, TVBS News and TVBS Entertainment, to the three shareholders for about NT$4.69 billion.
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