Asia Television (ATV), which stopped operations on April 2 last year after failing to have its license renewed in the wake of mounting debt, is ready to make a return.
This time, however, it will no longer be a free-to-air TV station but an internet-based media platform.
Currently owned by Co-Prosperity Holdings Ltd. (00707.HK), ATV, which had operated two main over-the-air channels in Hong Kong before it closed shop, is set to start afresh as Asia Television New Media Group.
It will focus on providing over-the-top (OTT) service that would see proprietary and third-party video contents streamed on its platform, Apple Daily reports.
The company’s return to the media business comes after a local court last Tuesday approved a restructuring plan proposed by Co-Prosperity. The plan will allow the broadcaster to put aside liquidation claims filed by creditors, paving the way for its comeback.
ATV was scheduled to announce on Monday the launch of a mobile application that allows people to watch its streaming content on mobile phones and tablets.
The firm plans to broadcast TV dramas purchased from third parties, financial programs, old entertainment productions and other shows.
The trial period for the mobile app will last until Jan. 29 next year, when an OTT platform is officially launched.
It will adopt a business model similar to that of Television Broadcasts’ myTV SUPER platform. Part of the programs will be free while the rest will be offered for a monthly fee of HK$38.
Saying that the ATV will return with a totally new face, Co-Prosperity revealed that the Asia Television New Media Group is managed by a new team, most of whose members are former TVB top management, including digital media chief executive officer Ng Sui-wan (also know as Ng Yu), who used to be TVB’s production controller.
Most of its 120 employees had worked either for TVB or ATV, the company said.
In addition to offering a variety of online programs, Co-Prosperity also plans to revive ATV’s Miss Asia Pageant, an annual Hong Kong-based beauty and talent competition.
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