Yeung is believed to be paying US$1.3 billion for the stake, after bidding against Blackstone and Carlyle. He is the only bidder who met the criteria set by Sir Run Run Shaw, TVB’s founder and chairman, who currently controls three-quarters of Shaw Brothers.
Henderson Land Development chairman Lee Shau-kee earlier revealed that he was lending HK$3 billion (US$384 million) to Yeung as backing for his bid, to ensure that TVB did not fall into the hands of a foreign company.
Country Garden chief seals TVB deal
HONG KONG - Country Garden chairman Yeung Kwok-keung (pictured) is set to buy Shaw Brothers' 26 per cent stake in TVB, giving the Chinese property developer control of Hong Kong's leading free-to-air television station.
