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Hong Kong’s dominant broadcaster TVB swings to a loss of US$25.3 million on investment write-off

Hong Kong’s dominant broadcaster TVB posted a net loss of HK$199 million (US$25.3 million) for 2018, down from a net profit of HK$243 million a year earlier, mainly due to a write-off on bond holdings issued by Chinese theatre operator SMI Holdings Group.Television Broadcasts (TVB), held under parent film production company Shaw Brothers, said it had written off HK$500 million on its holdings of SMI Bonds, according to a filing on Wednesday night to the Hong Kong exchange.“Hong Kong business… Source link

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Hong Kong broadcaster TVB warns it will lose HK$200 million for 2018 financial year

The parent company of Hong Kong’s oldest television station issued a profit warning on Friday, saying it expects a HK$200 million (US$25.48 million) net loss for the financial year ending December 31, 2018.Television Broadcasts (TVB) said in a filing to the Hong Kong Stock Exchange after the close of trading it will write-off approximately HK$500 million on its holdings of SMI Bonds, issued by mainland theatre operator SMI Holdings Group.The expected HK$200 million loss compares to a HK$243… Source link

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Hong Kong broadcaster TVB fires 150 staff members citing losses in international business and restructuring

Hong Kong’s biggest television station fired another 150 people on Friday arising from losses in its international business and operational restructuring. Television Broadcasts (TVB) ushered in a wave of lay-offs in June when about 100 staff were told they would be made redundant. A TVB spokesman said in a statement on Friday that the 150 staff members – accounting for 4 per cent of the company’s workforce – were from the magazine TVB Weekly, the production facilities division, the art subdivision, and its non-drama production. The broadcaster attributed the shake-up…

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