Pearson in Asian TV deal
Tuesday 14 February 1995
The move signals the company's ambitions to become a big player in the fast-growing television market in Asia.
Pearson will pay HK$1.3bn (£108m) for its stake in the Hong Kong-listed company, which has 75 per cent of the local television advertising market. The stake is being sold by Shaw Brothers, which will be left with 24 per cent.
Greg Dyke, the recently appointed chairman and chief executive of Pearson Television, said TVB had an abundance of popular Chinese programming, the ability to sell advertising and the network to distribute programming. "All three are scarce resources in Asia."
In 1993 TVB reported net profits of HK$520m on sales of HK$2.1bn
Pearson has long tried to buy into Asian television. In 1993 the company lost out to Rupert Murdoch for a stake in the pan-Asia satellite broadcaster Star TV. Late last year, Pearson's attempt to buy 10 per cent of TVB from the Malaysian tycoon Robert Kuok also failed.
Mr Murdoch, too, has wanted a stake in TVB, but his 1993 bid was thwarted by regulators because foreign ownership of terrestrial television stations was limited.
TVB dominates Hong Kong's television scene, attracting about 70 per cent of the territory's audience, and has ambitious plans to expand further. It already competes against Star TV for viewers in Taiwan.
Pearson's existing television interests include Thames television and minority stakes in BSkyB, Yorkshire Television, UK Gold and other satellite businesses.
The deal is still subject to the approval of the Hong Kong broadcasting authority.
- 3 Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
- 4 Ann Summers survey reveals the UK's favourite sex position
Man on naked bike ride gets ejected after becoming aroused
Caitlyn Jenner's mother Ester thought her daughter, formerly known as Bruce Jenner, had transitioned for money
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...