Multimedia firm Hong Kong Television Network Ltd. (01137.HK) will lay off 320 staff, according to a regulatory filing Wednesday morning. The retrenchments came after the Chief Executive in Council rejected the company’s application for a free-to-air TV license. Hong Kong’s free TV market cannot sustain five operators, Commerce and Economic Development Secretary Gregory So said Tuesday. Television Broadcasts Ltd. (TVB) (00511.HK) and unlisted ATV are the city’s existing free-to-air operators. I-Cable Communications Holdings Ltd. (01097.HK) and PCCW Ltd. (00008.HK) were granted the licenses.
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