The Hong Kong Broadcasting Scene - 11 Compliance with Regulatory Requirements

picture 11.1  Positive Programme Requirements11.2  Attainment of Milestones by Domestic Pay TV Licensees
11.3  New Investors in Galaxy
14 Hong Kong as a Stepping Stone into the Mainland Market13 Other Licensable Television Programme Services12 Hong Kong as a Regional Broadcasting Hub11 Compliance with Regulatory Requirements10 Advertising Modes9 Programmes for Minority Ethnic Groups in Hong Kong8 Programme Genres7 Programme Sources6 Investment in TV Industry5 Broadcasting revenues4 Penetration of Different Broadcasting Services3 Transmission Modes2 The Broadcasting Landscape1 History

11.3 New Investors in Galaxy

One of the special conditions stipulated in the domestic free television programme service licences of TVB is that TVB may not hold 50% or more, in the aggregate, of the total voting control of Galaxy. Following Galaxy's majority shareholder Intelsat's decision to withdraw from Galaxy in September 2004, the Chief Executive in Council (CE in C) approved in December 2004 TVB's application for a temporary waiver of the above ownership restriction to allow TVB to have time to find another investor to take up the majority interest of Galaxy. The waiver took effect from 28 December 2004 to 27 December 2005 or such earlier date as appointed by the Authority.

On 12 August 2005, as approved by the Authority, TVB reduced its interest in Galaxy to below 50%. It divested 49% of its interest in Galaxy to Enjoy Profits Limited, and 2% to Dr Chan Kwok Keung.