ATV Finally Gets Shareholders to Inject Funds
ATV recently came up with a new crowdfunding idea to save the cash-strapped broadcaster, urging Hong Kong citizens to help buy 10.75 percent stake in the station for $10,000 HKD per share. Calling it the “one man, one share to save ATV” campaign, ATV hopes that the plan would temporarily raise ATV’s funds to pay its workers, but legal experts say that ATV’s crowdfunding plan could potentially breach Hong Kong’s finance laws as it needs approval of the Communications Authority.
At a press conference, ATV Executive Director Ip Ka Po (葉家寶) announced that the station is currently consulting with its legal team about the crowdfunding plans and added that they are currently researching other options to raise funds.
Former ATV actor Stephen Au (歐錦棠) criticized ATV, commenting that the station may be attempting to raise funds to renew its broadcasting license instead of paying its workers first, but Ip Ka Po clarified that ATV’s current priority is to pay the December and January wages to its employees.
It was announced earlier that ATV needs to raise $30 million HKD to pay its license fees and workers. Ip Ka Po later confirmed that majority shareholders Wong Ching (王征) and Wong Ben Koon (黃炳均) agreed to lend ATV $15.6 million HKD or 52 percent of the $30 million HKD, but only on the condition that ATV’s other shareholder, Taiwanese businessman Tsai Eng Meng (蔡衍明), contribute the remaining 48 percent. Ip Ka Po also urged ATV’s “white knight” to come out now to save ATV, instead of staying on the sidelines to quietly observe.
Source: On.cc
This article is written by Addy for JayneStars.com.
inject more funds to a station that is dying, I don’t think it’s a good move, their no longer doing any drama, ratings is at it’s lowest point, no investment from ads = no money. That big chunk of money will be dry out in a matter of time. Thus ATV will ask for more help again?!?
Agree with your comment. It’s sad and I feel bad for the artists!
wait a minute, so what is the point of spending so much money to renew your license? atv doesn’t even make anything really and when they do its crap
atv deserves a license but hktv doesnt? wtf i dont understand
whats the point? u spend so much money for the license and u dont even produce any tv shows
i dont understand how atv can have a license and do nothing with it, meanwhile hktv is doing so much and cant get a license
Oh please, ATV still stalling.
ATV, Now, and I-Cable are all sitting on their licenses and doing nothing. This is what you get with crony capitalism. HK is the worse these days. The elites use influence to stop innovation and real investment, killing real jobs. It’s a sad day for HK.
Ricky is too good for HK. Any businessman with less passion for HK would have put his money into another country. If the HK people don’t support him to success, they are digging their own “jobs” grave. This is the last chance for a rebirth of the HK television and entertain industry, with all those creative jobs.
I always wonder why they stopped producing dramas
they dont even make dramas and they have a license? why? lol
Because TV broadcasting is not all about making mindless dramas.
Tvb needs some competition otherwise complacency will set in.
I think Beijing has a hand in this as well. Everyone knows that ATV is pro-Beijing!
I have no problems they actually air shows but they just air re-runs of the same show three times a day just to fill in the hours. And they buy in all these K dramas and stop making their own.
If ATV does not cherish their licence, then give it to HKTV. Even though HKTV is not perfect, at least they are making stuff and paying staff.