JCCC
TUESDAY, MARCH 15, 1988
CHANGES CONCERNING TERMS OF NEW
TV BROADCASTING LICENCES ANNOUNCED
*
ON
THE GOVERNMENT TODAY (TUESDAY) ANNOUNCED MAJOR ON THE BROADCASTING AUTHORITY'S RECOMMENDATIONS CONDITIONS OF NEW TELEVISION BROADCASTING LICENCES.
CHANGES, BASED
TERMS AND
THE
TC
THE EXECUTIVE COUNCIL HAD APPROVED RECOMMENDATIONS RELATING OWNERSHIP AND CONTROL OF LICENSEE COMPANIES, FOREIGN OWNERSHIP AND CONTROL.
SERVICES AND INFORMATION, THAT THE BASIC PREMISES
THE SECRETARY FOR ADMINISTRATIVE MR PETER TSAO, SAID AT A PRESS CONFERENCE ACCEPTED BY THE BROADCASTING REVIEW BOARD, THE BROADCASTING AUTHORITY AND THE ADMINISTRATION HAD BEEN THAT THE AIR-WAVES WERE A PUBLIC AND LIMITED RESOURCE AND TELEVISION WAS â PERVASIVE AND INFLUENTIAL MEDIUM.
"LICENSEE COMPANIES WHICH ARE IN EFFECT GIVEN THE MONOPOLY TO BROADCAST TV OFF AIR THEREFORE HAVE A CONSIDERABLE RESPONSIBILITY AND PUBLIC DUTY AND WHILST THE INTENTION IS NCT TO RESTRICT THEM UNDULY, THEY MUST ACCEPT THE INEVITABILITY OF CERTAIN CONTROLS ON THE WAY IN WHICH THEY OPERATE, HE SAID.
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MR TSAO ADDED THAT WHEN THE NEW LICENCES ARE ISSUED, LICENSEE COMPANIES WOULD NOT BE ABLE TO BE HELD BY A HOLDING COMPANY AND SHOULD NOT BE PERMITTED ΤΟ HOLD SHARES IN ANY COMPANY DOING BUSINESS UNRELATED TO TELEVISION BROADCASTING.
THE NEW CONDITIONS REFERRING TO THE OWNERSHIP AND CONTROL OF LICENSEE COMPANIES INCLUDE:
* IT MAY NOT HOLD DIRECTLY OR INDIRECTLY ANY SUBSIDIARY COMPANY UNLESS TWO CONDITIONS ARE MET: (A) THE BUSINESS OF WHICH IS CONNECTED OR ASSOCIATED WITH TELEVISION BROADCASTING; AND (B) THE HOLDING OF A SUBSIDIARY COMPANY IS APPROVED BY THE BROADCASTING AUTHORITY; AND
* A LICENSEE COMPANY SHALL NOT BE HELD IN ANY FORM BY HOLDING COMPANY.
ON FOREIGN OWNERSHIP AND CONTROL THE NEW CONDITIONS STIPULATE:
A
* MORE THAN 51 PER CENT OF THE ISSUED SHARES IN A TELEVISION LICENSEE COMPANY SHALL BE HELD AT ALL TIMES ABSOLUTELY AND BENEFICIALLY BY PERSONS WHO ARE PERMANENT RESIDENTS OF, AND ORDINARILY RESIDENT IN, HONG KONG;
* FOREIGN INTERESTS WILL BE ALLOWED TO OWN OR CONTROL UNDER 49 PER CENT OF THE ISSUED SHARES IN A LICENSEE COMPANY (THE 49 PER RULE):
CENT
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