The National Communications Commission (NCC) yesterday approved an application by Television Broadcasts Satellite (TVBS) for changes to its shareholding structure after its majority owner sold all its shareholdings to three Taiwanese firms.
The changes still have to be approved by the Investment Commission.
The Taiwanese cable television network announced last month that Television Broadcasts Ltd (TVB) of Hong Kong, which owned 47 percent of its shareholdings, had sold all of its stake to three Taiwanese shareholders, which now collectively own 53 percent.
The three shareholders are Li Mao (利茂) Investment Co, De En Investment Co and Lien Xin Investment Co — all of which are reportedly affiliated with HTC chairwoman Cher Wang (王雪紅).
NCC Secretary-General Jason Ho (何吉森) said the commission approved the transaction after an investigation that showed it does not include funding from Chinese or other foreign investors, does not violate the Satellite Broadcasting Act (衛星廣播電視法) and that it would not lead to a monopolization of news media.
The commission said that Li Mao and PSU Corp would emerge as the two main shareholders of TVBS, holding 29 percent and 35 percent of its shares respectively.
PSU was the recipient of shares transferred from De En and Lien Xin, which each owned about 17 to 18 percent of TVBS shares.
Li Mao, PSU, De En and Lien Xin are all funded by Taiwanese investors, the commission said.
The approval moves TVBS one step closer to becoming a network funded entirely by Taiwanese investors.
In related news, a survey by the Taiwan Digital Convergence Development Association showed that 68.1 percent of respondents are concerned that China is trying to influence public opinion in Taiwan by acquiring television networks and newspapers through Taiwanese businesspeople based in China, up 2.1 percentage points compared with a similar survey conducted a year ago.
The survey also showed that about 60 percent of respondents thought the government should completely ban Chinese investors from acquiring media outlets in Taiwan, against 27.7 percent who said Chinese investors should be allowed to invest in local media.
In addition, 57 percent said that Taiwanese businesspeople in China should not be permitted to acquire Taiwanese media outlets, while 32.4 percent thought such a restriction is unnecessary.
Asked about Far EasTone Telecommunications’ (FET) proposed acquisition of China Network Systems’ (CNS) cable television systems by subscribing to corporate bonds issued by Morgan Stanley, 64.3 percent said the network should not be sold to Taiwanese businesspeople based in China, and 68 percent said CNS should be turned into a state-owned property and managed by the public television network Taiwan Broadcasting System.
In addition, 68 percent said the FET-CNS case should be handled by the new government and new legislature, 68.89 percent said it was inappropriate for the NCC to approve the deal before the new legislative session opened last week and 76 percent said the case should be reopened and be subject to another review
Commenting on the survey results, New Power Party Legislator Hsu Yung-ming (徐永明) said the incumbent government should not rule on the FET-CNS deal, nor should it rule on deals involving changes in ownerships at Eastern TV network and Taiwan Broadband Communications.
All these cases should be handled by the new government after it takes office on May 20, he said.
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