Big two hit back over reports of TVB 'exits'
Top News | Himo Liu 25 Aug 2023
Television Broadcasts (0511) denied a report that said its chairman Thomas Hui To and general manager Eric Tsang Chi-wai would step down from their roles.
Early yesterday, local media reported that both Hui and Tsang are to step down amid TVB's continuing struggles.
Tsang, who took over as general manager (content operations) at TVB 2 1/2 years ago, has encountered challenges including below-par viewership ratings and underwhelming advertising performance, making it difficult to improve the company's financial outlook -- consequently leading to the resignation of both Tsang and Hui, the report said.
The report also indicated that TVB is planning to relocate its production base starting from May next year, with all TV dramas to be filmed in the mainland using specially built sets.
The firm will invite former general manager, Ho Ting-kwan, 78,to come out of retirement and take over Tsang's position, the report added.
But TVB clarified in a statement that the report was completely unfounded and stated that Hui and Tsang will continue to guide the group.
Additionally, during a press conference yesterday, Hui and Tsang responded that they are most capable to spearhead the company's reform team.
Filming TV dramas in the mainland has been a regular practice and will continue in the future, Hui said, alongside continued production in Hong Kong studios.
He also said the company's future development is oriented towards the mainland, while still using Hong Kong as a base to pursue the domestic market.
Furthermore, the statement also emphasized that as a broadcaster listed in Hong Kong and operating under regulatory licensing, TVB is obliged to adopt a serious stance against unfounded reports that could potentially impact its customers.
Although Tsang, 70, underwent surgery and was hospitalized earlier, TVB said that his surgery went smoothly and he is currently recuperating. Once he has made a full recovery, he will resume his work duties.
During the meeting yesterday, Tsang made an appearance via video call and insisted that his surgery is not a big issue.
Hui described Tsang as an energetic and good leader, with a mental age considerably younger, appearing "around 40 years less than his actual age."
Shares of TVB tumbled 6 percent to HK$3.9 yesterday. The decline also came after the broadcaster saw its first-half loss widen by 82 percent to HK$407 million.
Due to the impact of what he described as baseless media reports on the company's stock price, Hui said they have decided to pursue legal action. It is hoped that this would halt misleading speculation.
