CTV Satellite Communications, a joint venture between the Power
Multimedia Network and Chinese Television in Taiwan, has acquired full
ownership of Chinese Television Network (CTN).
CTV sealed the acquisition deal with the Koos Group, which owned the
network's two Chinese satellite channels: CTN and Zhong Tian.
The Koos Group is a major business conglomerate in Taiwan and it is also
one of the biggest cable system owners on the island.
The acquisition will not affect the CTN Channel brand name although its
Hong Kong office will be operated under Power TV.
"We consider the overseas market to be a high value business prospect
and we're keen to develop the markets of Asia and North America," said
CTV general manager Simon Chiang.
Founded in 1994 by controversial Hong Kong media tycoon Yu Pun Hoi, CTN
was the first 24-hour Chinese language satellite network.
In 1997, the Koos Group bought over CTN from Mr Yu, whose media business
vanished when Ming Pao was sold.
Both CTN and Ming Pao were once major assets under Mr Yu's CIM
vehicle.
CTN's new owner, Power Multimedia is a rising media group in Taiwan.
The group owns radio, newspaper and Internet properties. Its media
titles include Power News, Power Radio, Power Links, Power Money and
Power Learning.
Power also plans to set up an up-to-the-minute multimedia network to
reach not just the Taiwan audience, but the global Chinese-speaking
population.
CTV has formed a satellite TV platform, Power TV, in Taiwan with the aim
of serving Taiwan and overseas Chinese audiences.
Although CTN is owned by a Taiwan-based company, the channel is uplinked
from Hong Kong to viewers in North America, Asia, Australia and New
Zealand.
"We promise to continue to invest in both the hardware and software
required to produce even better quality TV programmes to serve the needs
of global Chinese viewers," said Mr Chiang.
Distributed to Asia, Australia and North America through a satellite and
direct-to-home platform, CTN features a mixture of news and
entertainment programmes.
