Shanghai real estate tycoon Wang Jing is believed to be nearing a deal to buy a controlling stake in Hong Kong’s cash-strapped broadcaster Asia Television Limited (ATV), reports the Oriental Morning Post. Wang, chairman of Shanghai-listed property giant Rongfeng Holding Corp. is in talks with several shareholders over the deal, which, if successful, would secure him 61% holding stakes, the report said. However, two top shareholders have been in a public tussle over the loss-making broadcaster’s fate. Hong Kong tycoon Payson Cha, the chairman of the property group, Mingly, who currently owns a controlling stake in ATV, wants to sell a 10.75% stake to Wang. However, Taiwan billionaire Tsai Eng-meng, who has a 23.31% stake in ATV and has first refusal on Cha’s stake, opposes the deal and intends to pump in millions to revive the TV station. ATV, the smaller of Hong Kong’s two free-to-air broadcasters, has been struggling for decades in a market dominated by its rival, TVB. Last year the station fired hundreds of staff in a bid to slash costs.