Lifeline for i-Cable to stay on air
Consortium of investors led by local property magnate David Chiu Tat-cheong and New World Development boss Henry Cheng Kar-shun keep cameras rolling
Hong Kong’s biggest pay-television provider i-Cable Communications has won regulatory approval to renew its license, as the ailing Hong Kong broadcaster managed to keep itself afloat following the arrival of a heavyweight white knight.
The city’s Communications Authority has also given the green light to a proposed change of shareholders, with the introduction of a consortium of investors led by local property magnate David Chiu Tat-cheong as well as New World Development boss Henry Cheng Kar-shun.
The news will offer great relief to the company and its staff, with the consortium promising to extend a lifeline to the firm whose multiple years of steep losses parent The Wharf (Holdings) to halt any more funding to the embattled firm.
The pay-TV service of i-Cable is run by subsidiary Hong Kong Cable Television, which produces more than 10,000 hours of programming each year. i-Cable also runs an internet and multimedia operation.
“The Communications Authority is satisfied the introduction of the [new] underwriter as a new investor in HKCTV and FTV is in compliance with the applicable requirements under the Broadcasting Ordinance, the Pay TV Licence and the Free TV Licence,” i-Cable said in a statement.
