Friday, August 18, 2017 - 4:38:19

VTV to restructure ownership of units

VNA Print

Staff of VTVcab install TV cable for a household. (Photo: laptruyenhinhcap.com)

Hanoi (VNA) - Prime Minister Nguyen Tan Dung has ordered a restructuring plan for Vietnam Television (VTV) companies.

Under the plan, VTV will continue to represent the State's shares at Vietnam Satellite Digital Television (VSTV), known more commonly as K+.

VTV will transfer its capital at Smart Media JSC to the Vietnam Television Cable Corporation (VTVcab), increasing the State's capital at VTVcab.

Prime Minister Dung has also asked VTV to equitise VTVcab in the first quarter of 2016. After the process, the State will still hold 51 percent of VTVcab's share.

VTV will also sell part of its share in the Saigon Tourist Cable Television Limited Company (SCTV), the guideline said.

VTVbroadcom limited company will be equitised this year. The State may hold less than 50 percent of the shares or sell its entire stake in this company.

VTVcab, wholly owned by VTV and launched in 2005, has become the largest TV channel provider in Vietnam, offering services in more than 60 provinces and registering 1.98 million subscribers as of December 31, 2013.

SCTV, a wholly State-owned joint venture between VTV and the Saigon Tourist Corporation, was established in 1992. It had 2.3 million cable TV subscribers, 500,000 digital TV subscribers and 300,000 Internet subscribers as of December 31, 2014.

VSTV is a joint venture of VTV and France's communication group CanalPlus, with a 51:49 ownership ratio. It has become the exclusive broadcaster of the series of world football leagues in Vietnam. The company had 600,000 subscribers nationwide as of December 31, 2013.

Smart Media, established in February 2008, was jointly founded by key government bodies: Vietnam Posts and Telecommunications Group, VTV, Vietnam Mobile Telecom Services Co and Vietnam Post Corporation, as well as the privately owned GoldSun. Smart Media provides services in advertising, TV and radio programmes, digital content and online payments.

In early 2009, leading marketing communications group WPP became a shareholder of Smart Media, holding a 20 percent stake in the company.

VTVbroadcom, established in 2010, is wholly owned by VTV.-VNA
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