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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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wow, is that really so, good to know that .. looking forawrd for more news regareding this topic.. have a good day guys

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