Hong Kong’s troubled station ATV may be closing down as soon as the end of March. ATV has been struggling with financial problems since. Although it has managed to pay its broadcasting license fees, the station is behind in paying employee wages.
The station’s largest shareholder and creditor,Wong Ching (王征), stated that ATV is now being pushed to its last breath after negotiations with potential buyers fell through on March 21.
In February, several “white knights” came to ATV’s aid and were in discussions to buy ATV’s stock. However, Wong Ching was ultimately not satisfied with the buyers’ offered prices and negotiations fell through.
Wong Ching became ATV’s largest shareholder in September 2010 after taking 52 percent of its stake. In August 2013, after getting fined by by the Hong Kong Communications Authority for interfering with the running of the station, Wong Ching announced that he would not longer fund ATV and has been looking for buyers since.
Reportedly, Wong Ching wants to sell the broadcaster for at least $2 billion HKD. The astronomical price would allow Wong Ching to recover his investments on the station in the last three years.
ATV actor Lau Shek Yin (劉錫賢) expressed his disappointment in Wong Ching, saying, “He really played us all. It’s a pity to see ATV [go down]. We knew he was the problem all along. He was the one who turned down the white knight, not the other way around.”
This article is written by Addy for JayneStars.com.