Hong Kong's TVB: closer to the Middle Kingdom

The recent announcement by TVB [511] that it was revising downward its advertising rates for the coming year garnered most of the headlines and led to negative comments from analysts. However, news out of Beijing that the Company had been one of five foreign companies granted a broadcasting license should more than offset the shortfall in Hong Kong revenue. This, combined with news that TVB plans to launch a new PRC lifestyle and entertainment internet portal, places its Middle Kingdom aspirations closer to fruition.