Chapter 491 Taking Over Jiayi Television

Wang Yuanchao successfully took over Hutchison Whampoa. Although he only took over the weakest of the four major trading companies, it really shocked Hong Kong.

Li Chaoren was not the only one eyeing Hutchison Whampoa. There were also many British and Chinese investors who wanted to take over the shares from HSBC.

When Shen Bi gave it to Wang Yuanchao like this, it was just like how he gave it to Li Chaoren in another time and space.

Moreover, the loan interest rate provided by HSBC was extremely low, and the price was that Shen Bi received another generous return from the Swiss bank.

Shen Bi made a lot of money from HSBC.

He Zuozhi came to Wang Yuanchao for help.

Jiayi TV is no longer viable.

Unlike ATV and TVB, ATV has only one Chinese channel. Its shareholders are the family of Lin Bingyan (one of the founders of Hang Seng Bank), Hong Kong Communications, Jardine Matheson, and three Chinese newspapers in Hong Kong: Sing Tao Daily, Huaqiao Daily, and Industrial and Commercial Daily. Hong Kong Communications has the greatest control, which is actually held by Ho Cho-chi. However, Ho Cho-chi personally began to sell his shares to others in 76 and withdrew.

It’s very simple. I found that I couldn’t make the math. Running a TV station is not that easy.

Because ATV spared no expense in producing TV series, coupled with the large amount of educational content that had to be scheduled, it suffered heavy losses.

They even once sponsored the "ATV Football Team" to promote ATV, but now, it's no longer viable and is about to go bankrupt.

Several shareholders are wealthy, but they don’t spend money like this.

In early 1978, ATV hired TVB General Manager Chow Liang Shu-yee and several of her key subordinates, including Ip Kit-hsin, Lau Tin-chi, Lo Kwok-chum, Lam Hsu-wah and Shek Siu-ming, with high salaries. They were collectively known as the "Six Gentlemen of ATV". ATV also recruited former TVB front- and backstage staff at high cost, increasing the number of staff from about 1978 in early 600 to more than 800.

On July 1978, 7, Suk-yee Chow launched the "July Offensive" for ATV and carried out a large-scale publicity campaign in Hong Kong, including full-page advertisements in many newspapers for several consecutive days and distributing tapes at Tsim Sha Tsui Pier to promote the new programs. The "July Offensive" included many major dramas: "Celebrity Love" starring Cheng Yuling and Michelle Yim, "Golden Sword" directed by Tsui Hark and starring Yu Anan, as well as "Mystery Theater", "Vanguard", and the adult talk show "Hello Night Returner" on Hong Kong TV media at the time.

Unfortunately, after the launch of the "July Offensive", the results and ratings did not meet expectations. At the same time, due to the large amount of money spent, ATV's operating funds were quickly exhausted. Zhou Liangshuyi and the "ATV Six Gentlemen" immediately resigned. Zhou Liang's resignation was accepted by the ATV board of directors on August 8, and Li Xuelu took over the position of general manager.

On the morning of August 8, ATV suddenly issued a statement announcing that it would cease operations due to financial difficulties, and posted a notice outside the headquarters gate stating that ATV would stop broadcasting from that day. At the same time, an employee applied to the court to liquidate ATV. Most of ATV's current artists were at a loss, and they even went to the Governor's House to petition, asking the authorities to lend a hand and help resume the station.

When Wang Yuanchao heard the news, he thought the "July Offensive" was hilarious. A road show on TV? Advertising? Isn't this missing the point?
If it doesn't work, learn from TVB and be careful with your money! Money should be spent wisely!
He Zuozhi has sold all his shares personally, but he is still the major shareholder of Heung Kong Communications! The major shareholder of Heung Kong Communications is He Zuozhi again, and Wang Yuanchao also has shares.

So naturally he came to Wang Yuanchao for help.

I just hope Wang Yuanchao can take on more employees. The other shareholders have little to do with Wang Yuanchao.

After all, Wang Yuanchao has many film companies under his name. As for ATV, it’s hard to say, but it feels like it’s just a matter of Wang Yuanchao’s words.

Jiayi Television still has a lot of talented people, including actors like Michelle Yim and Carol Cheng, and behind the scenes like Tsui Hark, Yi Shu, James Wong, and so on.

There have also been many excellent programs, especially martial arts dramas, which are even more sophisticated than ATV.

These are the assets that Wang Yuanchao coveted.

Moreover, ATV and TVB were in competition, and Wang Yuanchao felt that ATV did not have enough channels. As early as March, ATV had already started broadcasting programs 3 hours a day.

Whatever TVB has, ATV must have; whatever TVB doesn’t have, ATV must also have!
In this case, it would be better to directly swallow up Jiayi TV and turn it into a sub-channel or second channel of ATV!

What happened to the Education Channel? The Education Channel also has ways to play! It’s just that no one has ever asked Wang Yuanchao for advice! Wang Yuanchao has a hundred ways to play in his mind!

Now that ATV has gone bankrupt and the authorities are having a headache, it is a good time to take action.

Wang Yuanchao sighed and said:

"Why don't I go to the authorities and talk to the governor. If the authorities can shorten the broadcast time of educational content, maybe I can take over this business."

He Zuozhi was delighted. This was truly a pleasant surprise!
He immediately said:
"I'll go with you. I'll persuade the employees to come back and not cause any more trouble for you."

Wang Yuanchao said:
"No, you should go back to the station first. You are the founder and everyone trusts you.

When someone goes back, you help stabilize the situation.

If I manage to get the deal and everyone runs away, I won’t be able to make it work.

There is no time to lose, let’s act now!”

Wang Yuanchao immediately called a taxi and went straight to the authorities.

The governor is having a headache over this matter. With hundreds of people outside petitioning, who wouldn't be having a headache?
He had talked to his staff and relevant officials, but who would be willing to take over a TV station that was losing money and was on the verge of bankruptcy?
With a living example right in front of us and two powerful rivals, ATV and TVB, eyeing us, no one would come and take over in vain.

It is even less likely that the authorities will take such a burden on their own initiative! Taxpayers' money is not used to subsidize a bottomless pit, right?

Just when I was having a headache, I received a notification that Sir Wang Yuanchao came to visit and help the authorities resolve the problem.

MacLehose immediately thought that this tycoon, who had radio stations, broadcasting and film companies, was indeed lacking a television station. If this tycoon took over, the authorities would not have to worry about the jobs of these hundreds of people.

As expected, as soon as this person arrived, he started by asking for the cancellation of the government's regulation that "ATV must use the hours from 2pm to 6pm and from 9pm to 11:30pm for television teaching purposes."

Of course, MacLehose knew that it was probably this rule that killed ATV. He also paid attention to this TV station. He couldn't stand watching those teaching programs. Who else could put ads in it? Without ads, how could ATV compete with other TV stations?

But he couldn't just give in just because Wang Yuanchao asked for too much. Wouldn't that be irresponsible to ATV's shareholders, ATV and TVB?
In short, we cannot let Wang Yuanchao take such a big advantage. When Murray MacLehose does anything, he always adheres to fairness and justice.

Although Sir Wang respected him very much.

But if he doesn't give in at all, it probably won't work. Sir Wang is a capitalist, not a philanthropist.

If he could pay a small price to save the bankrupt JTV without compromising his fairness and justice as governor, he would be willing to do so.

MacLehose Road:

"It is definitely not an option to cancel it directly. You have to know that Jiayi TV is an educational TV station, which is the prerequisite for the establishment of Jiayi TV.

However, we can consider reducing the duration of education and adjusting the broadcast time.

My friend, that is the limit of what I can do, otherwise we will just have to watch him perish.”

Murray MacLehose also directly stated his bottom line.

Wang Yuanchao said:

"Then the time must be cut in half at least. In addition, TV stations have the power to freely allocate educational time, rather than fixing it to a specific time period."

MacLehose could barely accept the first sentence, but he couldn't help but say the second sentence:
"Then what's the point of scheduling all the shows in the early hours of the morning? This goes against the original purpose of the TV station."

Wang Yuanchao pretended to think for a moment and said:
"Then I can guarantee the time is between 6 am and 12 pm..."

MacLehose said directly:

"No, no, no, between 9am and 12pm! Too early is not suitable for studying."

Wang Yuanchao continued to exchange conditions:

“Then we will plan and produce the educational content ourselves!”

MacLehose frowned, thinking that this was the key point of Wang Yuanchao. The previous period was just his smokescreen to confuse people!

So he stared at Wang Yuanchao with burning eyes and said word by word:

“This is educational television!”

Wang Yuanchao was not afraid at all, he smiled and said:
"Modern football originated from the powerful British Empire and has become a sport that is popular all over the world. It is both a culture and an educational cause..."

MacLehose said immediately:

“You want to broadcast a football game?”

Wang Yuanchao said honestly:

"Football is also a form of education. It makes us strong, team-spirited, and hardworking..."

MacLehose's fingers tapped rhythmically, thinking carefully about Wang Yuanchao's words. Sometimes, some things are just a layer of membrane that blocks thinking. Once it is peeled off, it will suddenly become clear. According to Wang Yuanchao, football is of course a kind of education. Not only football, horse racing and car racing are also possible. They are all sports!

After a long time, he said:
"If that's the case, the time cannot be shortened, otherwise we won't be able to explain to other citizens."

Wang Yuanchao thought, moral education, intellectual education, physical education, aesthetic education, labor, there are so many educational contents, so diverse, focusing on intellectual education every day is too narrow! So he struck while the iron was hot:
"In fact, I think that not only sports, but also labor skills training, art and music cultivation are all part of education. Education has never been just book knowledge, but also application!"

MacLehose was not a fool. He was well aware of what Wang Yuanchao said. He just raised his right index finger and said firmly:
“No matter what, basic education content must be there.

As for the other aspects, I can accept the flexible schedule and diverse content. ”

Wang Yuanchao smiled and said:
“Thank you, Governor General, for your strong support for Hong Kong’s education!”

MacLehose shook his head and said:

"Now, can we ask the citizens outside to evacuate?

Looking at them, my brain is about to explode!
You have to deal with this matter on your own. Otherwise, if someone's company goes bankrupt in the future, they will come to the Governor's Office and I won't have to do anything!"

Wang Yuanchao said seriously:

"I can only discuss the acquisition with Jiashi after getting your promise. I will go out and contact their person in charge now!"

MacLehose smiled and said:
"Don't be nervous. I didn't say that you were the one who messed with the people outside. No one is better than you in identifying the problem and seizing the opportunity!

By the way, it’s been a while since I’ve seen a top American band at the New Year’s Eve party! My daughter even complained to me about it!”

Yes, his daughter came to Hong Kong to spend the New Year with him just so that she could sit in the best seat at the New Year's Eve party and watch her favorite stars.

(End of this chapter)