Li Ka-shing Company to Tune Out Satellite TV Channel

(Hong Kong) — A media group backed by Hong Kong billionaire Li Ka-shing will shut down its Mandarin-language satellite channel by the end of this year as the company shifts its focus to technology sectors amid a downturn in advertising.

Tom Group Ltd., the media conglomerate controlled by the business tycoon, announced the closure of China Entertainment Television Broadcast Ltd. (CETV) in a filing to the Hong Kong Stock Exchange on Wednesday. At that time, Tom Group owned nearly 100 percent of CETV's shares.