TNAG-1797-FCO40-2557-Hong-Kong-Vietnamese-refugees-repatriation--including-Opera-1988 — Page 256

CONFIDENTIAL

458

-

M(88)37

A394

FOREIGN OWNERSHIP OF THE

CABLE TELEVISION BROADCASTER

(ASIB/I 1/1243C(88) Pt.4)

The Council considered memorandum XCC(88)127.

The Council ADVISED and the Governor ORDERED :

(a) that for the CTV broadcast

licensee

the

aggregate

holding of individuals or

companies

not ordinarily

resident in Hong Kong should

be restricted to 49% of the

equity of a licensee (i.e.

the total

foreign ownership

in aggregate);

(b) that a brief note should be

produced

for

public

consumption explaining the

present CTV policy; and

(c) that as regards the payment

of royalties, to be based on

gross earnings (i.e. income

derived from the subscription

fee and advertising revenue),

tenderers should submit their

CONFIDENTIAL