TVB sells 54% stake in Taiwan TV production arm

DetailsRebecca Hawkes | 30 January 2015

Kong broadcaster TVB has sold 54% of its shares in its Taiwan-based television production company Liann Yee Production for NT$4.695 (US$149 million).

To facilitate the deal, TVB's fully-owned subsidiaries TVBI and Countless Entertainment have conditionally agreed to sell 47% and 7% shares in the production company to the three investment companies.

When the transaction completes on 30 June 2015, Li Mao Investment, De En Investment and Lien Xin Investment will own 17%, 18% and 18% respectively of Liann Yee Production.

Lainn Yee in which TVB will retain a 47% stake also operates Taiwanese cable TV channels TVBS, TVBS News and TVBS Entertainment.

TVB said it will consider distributing the net proceeds from the deal as dividend payments for last year