Providence among buyers of Sir Run Run Shaw’s TVB stake
Chairman of the iconic Hong Kong entertainment brand Shaw Brothers, Sir Run Run Shaw, has sold his 26% stake in SAR broadcast major TVB to a group of investors including Providence Equity Partners – a deal said to be worth up to HK$10 billion ($1.3 billion).
According to reports, Hong Kong-based ITC Chairman Charles Chan is among Providence's co-investors, as well as Chairwoman of Taiwanese smartphone manufacturer HTC Corp., Cher Wang. It is understood that Shaw is to remain Chairman of TVB's Board, and will welcome members including Chan to the group. Shaw was one of the founders of the broadcaster in 1967, and has remained in his Chairman role since that time. Media noted that shares in the company fell more than 5% to HK$43.7 ($5.61) upon the announcement of the news.
TVB is touted as one of the world's top Chinese broadcasters, airing local-language and English programs in markets such as Hong Kong and Macau as well as parts of China, Southeast Asia, North America and Europe. It is Hong Kong's leading free-to-air network, with Bloomberg citing that TVB accounted for more than 80% of that niche in by advertising sales in 2009.
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