Oriental Morning Post, 5/02/12
The China Securities Regulatory Commission (CSRC), has announced that the purchase of Hunan CATV Network Group by provincial cable TV operator Hunan TV & Broadcast Intermediary (000917.SZ) has yet to be approved. CSRC has not disclosed why the deal has not gone through.
In a report from Hunan TV & Broadcast issued January 5, 2012, the company plans to acquire Hunan Cable TV Network Group including all of its assets, Hunan Huixin Cable Networks, Hunan Huide Cable Networks, Hunan Huirun Cable Networks, and Hunan Huiyue Cable Networks. If the restructuring is successful, Hunan TV & Broadcast will have complete ownership of Hunan Cable TV Network Group and access to its 64 local network affiliates, as well as own 100% equity in 33 local network operators. The acquisition has been approved by the Hunan Provincial State-owned Assets Supervision and Administration Commission (SASAC), Hunan Provincial Department of Finance and Hunan TV & Broadcast's shareholders.
Editor's Note: For more background on this topic, please see "Hunan TV & Broadcast to Consolidate 97 Local Cable TV Networks" MD 1/09/12 issue.