HK Govt Approves Li Ruigang As TVB Shareholder
Television Broadcasts Limited (“TVB”) announced today (22 April) that the Communications Authority has approved a change of shareholding structure for Young Lion Holdings Limited (the “investor group”), which indirectly holds 26% of the outstanding shares of TVB.
Notwithstanding the shareholding change of the investor group, Dr Charles Chan Kwok Keung will continue to act as chairman of the board of TVB and fulfill his obligations to the company’s audience, shareholders and the government.
The shareholding change introduces an additional member controlled by Mr Li Ruigang to the investor group. The enlarged investor group will continue to contribute to the long term growth of TVB and solidify TVB’s leading position in Chinese language content globally.
Following the shareholding change,
- Dr Charles Chan will continue to be the voting controller and a member of the investor group;
- Mr Li Ruigang will become a member of the investor group;
- Madam Cher Wang and Providence Equity Partners will remain as members of the investor group; and
- The investor group’s indirect share in TVB will remain unchanged at 26%.
Announcing the shareholding change, Dr Chan said he was very pleased that Mr Li had accepted his invitation to join the investor group.
Dr Chan said, “Mr Li will bring a wealth of experience and expertise in many areas spanning television, film, entertainment, advertising, sports and Internet. His insights and network in broadcasting and media-related industries will further enrich and expand TVB’s core business in Chinese language content.
“One of the many ways Mr Li can contribute to the long-term growth of TVB is to help further develop our film business. As one of China’s top media entrepreneurs who has sealed many high-profile deals involving Western leaders of the global media and entertainment industry, including Hollywood’s film industry, Mr Li will be a great facilitator in helping drive TVB’s growth in the film-making segment.”
A veteran in the international media and entertainment industry, Mr Li has extensive experience investing in and growing broadcasting and media-related businesses. Mr Li is the founding chairman of CMC Capital Partners (“CMC”), a company dedicated to investing in traditional and digital media and entertainment sectors. In his role as the chairman of Star TV China, which was acquired by CMC from News Corporation, Mr Li helped grow Canxing Production, a subsidiary of Star TV China, into one of the largest and most successful TV programme production houses in China with highly popular series such as “The Voice of China” and “Sing My Song”. Mr Li also serves as a non-executive director of WPP, a world leader in marketing communications. Mr Li is also the chairman of Oriental DreamWorks, a joint venture between CMC and DreamWorks Animation, a world-renowned animation studio. Mr Li also serves as chairman of Shanghai Media Group (“SMG”), which he has transformed into a media conglomerate with the highest market capitalisation in China from a Shanghai-based provincial broadcaster.
Source: Television Broadcasts Limited