HONG KONG: Tycoon Li Ka-shing’s Internet firm Tom.com Ltd has agreed to buy a 64% stake in China Entertainment Television Broadcast (CETV) from Turner Broadcasting System Asia Pacific Inc.
Under the deal, Hong Kong-listed Tom.com will issue 21 million new shares at HK$2.535each to Turner Broadcasting, a unit of AOL Time Warner, as payment for the acquisition. Turner Broadcasting would retain the remaining 36%.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!