Top Hong Kong Broadcaster’s CEO to Retire

What’s new: Leading Hong Kong broadcaster Television Broadcasts Ltd. (TVB) said Mark Lee will resign from his positions as the company’s vice chairman and CEO effective May 27, according to a Monday statement to the Hong Kong Stock Exchange.

It cited Lee’s desire to retire at age 65 and devote more time to personal endeavors.

Background: Lee first joined TVB in 2007 and become CEO in 2015. The broadcaster dominated Hong Kong’s airwaves for much of its life due in part to a limited number of licenses handed out by the city’s broadcasting authority. But like many of its global peers, it has had to fight harder for viewers in recent years with the explosion of many alternatives delivered over the internet.

The company’s biggest single stakeholder is Shanghai-based media investor China Media Capital (CMC), which holds 22% of TVB’s shares. CMC is also one of Caixin’s largest investors.

In an interview with Hong Kong’s Sing Tao Daily, CMC Chairman Li Ruigang said he was “very disappointed” in TVB, and referred to its recent past as a “lost decade.” He was critical of the broadcaster’s aging programming and production capabilities.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Contact reporter Yang Ge (geyang@caixin.com)

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