Hong Kong – Terrestrial broadcaster TVB will acquire 31 percent of pay-TV platform TVB Pay Vision, paying See Corp. HK$213 million (US$27 million) for the stake. TVB, which already holds 29 percent of TVB Pay Vision, will acquire 336.61 million non-voting preferred shares. See will keep 18 percent of TVB Pay Vision. The Broadcasting Authority had previously approved the transaction, giving the parties no later than July 25 to complete the deal. TVB Pay Vision, however, applied for an extension of the deadline to November 25. TVB had sold a 49 percent in TVB Pay Vision to See in August 2005 for HK$336.3 million following the Broadcasting Authority’s ruling that the station could not have a controlling stake in the pay-TV unit because of its dominance of the terrestrial broadcasting market. TVB Pay Vision recorded a loss of HK$217 million for FYE December 2008 on sales of HK$278 million. TVB had provided financing of HK$569.2 million to TVB Pay Vision as of the end of 2008.