Hong Kong cable operator i-Cable Communications Ltd. (01097.HK) will invest more than HK$1 billion (US$129 million) in the first six months of its new free-to-air television unit.
The company expects Fantastic Television Ltd. to run under its own steam afterward, the Hong Kong Economic Journal reported Tuesday.
Fantastic Television is scheduled to launch 12 channels within 12 months, pending the release of its license acquired in 2013, the report said, citing i-Cable chairman Stephen Ng.
The broadcaster is applying for spectrum expected to be vacated soon by cash-strapped Asia Television Ltd. (ATV).
This comes as Forever Top (Asia) Ltd., a consortium led by David Chiu, son of the late ATV founder, filed papers for a free-TV broadcast license on April 15.
The group includes Shun Tak Holdings Ltd. (00242.HK) managing director Pansy Ho, Guangzhou R&F Properties Co. Ltd. (02777.HK) chairman Li Sze-lim and Hony Capital (Beijing) Co. Ltd., a subsidiary of Lenovo Group Ltd. (00992.HK).
Ng said his company is prepared for competition in the free-TV market.
Translation by Vey Wong
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