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| CCTV/TVB JOINT VENTURE ANNOUNCED |
Following extensive and productive discussions, CITVC, a company owned 100% by China Central Television (CCTV), and Television Broadcasts Limited (TVB) are pleased to announce the formation of a Hong Kong-based joint venture company. The new company, owned 40% by a Hong Kong-based CCTV subsidiary and 60% by TVB, will pursue a range of strategic ventures mutually important to both the parent companies. The new company's chairman will be nominated by TVB, and the vice chairman will be appointed by CCTV. The general manager and assistant general manager will be appointed by the board of directors of the new company. The scope of the business of the new company includes the distribution of CCTV's Channel 4 and other programming through TVB's overseas satellite TV platforms as well as through other available networks. The company will also promote and seek to distribute throughout the Chinese world TVB's existing satellite channels, TVB8 and Xing He. The company will further engage in the acquisition and distribution of TV programmes in Chinese markets around the world. The joint venture will also include the setting up of a production company that will create programmes for a new satellite channel. The new channel will offer general entertainment, cultural and financial content. The company will generate revenues through the distribution of TV channels, the sale of programming, and from the sale of advertising. |
MEDIA RELEASE 2 November 2001 |
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photo1: Group photo taken after the ceremony. photo2: (left) Mr Li Xiao Ming, Vice President of CCTV; Mr Zhao Hua Yong, President of CCTV; Mr Louis Page, Managing Director of Television Broadcasts Limited ; Mr T K Ho, General Manager-Television Broadcasting of Television Broadcasts Limited . |
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