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FUNG ACQUIRES TV

Published on .

HONG KONG-Hong Kong entrepreneur Thomas Fung has secured a monopoly over Canada's lucrative Chinese-language broadcasting industry with the backing of the world's largest producer of Chinese-language TV, Television Broadcasts.

Mr. Fung's Fairchild Broadcasting Group recently acquired 80% of Vancouver's Cathay International Television and 80% of its former rival, the national TV network Chinavision Canada.

A spokesman said Chinavision cost about $7.27 million and put the price for Cathay TV near $2.9 million with debt of about $1.6 million.

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