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Chloe.C

TVB purchases ATV's dramas and movies to lend a hand amid ATV's financial crisis

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Source: HK Channel

Translated by: Chloe.C @

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TVB purchases ATV's dramas and movies to lend a hand amid ATV's financial crisis

 

In recent months, Asia Television (ATV) has been facing a financial crisis, from delaying employees' salaries to being unable to pay their broadcast licensing fee. ATV has went through many different methods and sources to gather investments and help to avert disaster and solve their salary problem. However, the biggest crisis was when they needed to pay 17,000,000 HKD before February 18th for their broadcast license fee. The government allowed them to pay the fee in two installments. They were able to successfully pay the first installment before Chinese New Year. For the second installment, however, they only made the deadline 5 minutes before, paying off the remaining 7,000,000 HKD. It was revealed that the "white knights" were actually TVB and Fox Entertainment Group.

 

According to sources, earlier, TVB had bought ATV's classic dramas twice before: the first time, they bought 20,000 hours of ATV's martial arts dramas for 10 million HKD, approximately 80 dramas. Within those dramas included Nick Cheung and Donnie Yen's old ATV dramas, like "The Kung Fu Master" and "Fist of Fury", etc. The second time, TVB bought several of ATV's Cantonese movies for 1 million dollars, and established a "Cantonese Movie" channel on their paid network.

 

Afterwards, TVB lent out a hand once again, along with Fox Entertainment, and bought ATV's non-ancient dramas for 70 million HKD, including "The Good Old Days", "My Date with a Vampire" series, "Showbiz Tycoon" and "Flaming Brothers", etc. a total of 500 hours of dramas! TVB and Fox Entertainment now have exclusive overseas broadcast right for ATV dramas, but share the Hong Kong broadcast rights with ATV. ATV can still air their classic dramas on their "aTV Classic" channel. As for the boss of China 3D Digital Entertainment, Xiao Ding Yi also bought 29 of ATV's dramas that his father, Xiao Ruo Yuan had helped produced in the past.

 

Regarding TVB buying ATV's classic dramas, TVB TV Program Director, Dou Chi Hak confirmed that they indeed bought two sets of action dramas and non-action dramas from ATV; altogether over 2500 hours of their dramas. He expressed that the price they agreed upon is reasonable. The Cantonese movies they bought from ATV, in addition to the ones TVB owned before, there are a total of 1400 movies. They will be broadcasted on the new channel established by TVB on their paid network. As for the other set of ATV dramas, they are still developing a plan for them.

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I thought I read somewhere atv is already closing down soon. Is that correct

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Soon enough my date with vampire will be repeatedly broadcast in their channel....

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i wonder why tvb is helping.... i thought they hated atv

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I think sooner or later ATV will be a history in the pass. Just dont know who will be finally become a new boss for the station.

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Good to not see them stepping on a falling company but other see it otherwise. Best luck to both.

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personally don't like atv dramas, but i think this is a good strategic move by TVB

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This really is a very smart move on TVB's part! But also a very sad move for ATV to have to resort to this.

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this is an extremely nice gesture by tvb in helping out a rival in times of need.

thumbs up to tvb! :)

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Wonder why HKTV cannot just buy ATV and then they can make the films they want

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Looks like TVB is doing well themselves to be able to help out ATV. Hope this was a good investment.

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Didn't know atv facing such a big moment and hanging by a thread now but tvb is helping I'm sure they have a reason to do it and for their benefits...

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sounds like both channels are in trouble... clearly tvb is struggling with atv.

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Seems like ATV is doomed unless there is another white knight.

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atv shouldve collapsed long time ago, like 15 years ago, i dont know why it was still here after so long, and please, just let HK get more dramas, TVB is not enough... definitely....

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I don't think ATV can be survive even tvb purchasee ATV'S DRAMA.

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ATV needs to cut its losses and shut down. Sounds harsh, but its employees are living in constant anxiety that they may or may not get paid. Just save your dignity and everyone's worry.

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Hm, I definitely wouldn't mind watching the I Have a Date with a Vampire series all over again for forgotten how many times.

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Helping them out is nice but doesn't solve the root of their issues....

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I think that's quite lame. It just means that tvb have lost all their creativity and need to rely on a whole bunch of old movies/shows/series to gain rating. HKTV still stands out.

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i think they are trying to help each other, as hong kong tv is one of the famous in this world.

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ATV is done!!! HKTV gonna take over..............but i still prefer tvb :D

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