Leigh's TV, originally the first TV station in Hong Kong, had launched a pay TV business in Hong Kong in 57 years, but the monthly rent reached 25 Hong Kong dollars, and at the beginning it was only an English channel, so it was not until 63 years that it developed 6,000 customers. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

Originally, although the development of Li's TV was slow, due to the expensive monthly rent in the early days, life was okay. With the rapid growth of Hong Kong's new immigrant population and the relatively prosperous economic development, its user scale gradually began to see a wave of blowouts, and by the end of the 60s, Lidi even grew to more than 70,000 paid customers.

But in the year 67, TVB was founded. As a challenger, TVB has been focusing on Chinese from the beginning, and it is a free or color program that is watched through radio waves. Free programs are better than paid programs, Hong Kong audiences of course vote with their feet, and the new TV viewers are almost all captured by TVB.

In a few years, TVB has become the dominant player in the market.

Although, Leigh's TV was also forced to undergo a series of reforms, for example, began to upgrade its equipment and broadcast color TV programs. In addition, strategies such as Chinese channels and free viewing have been licensed.

However, TVB still dominates the market and continues to make a lot of profits. Although the number of viewers of Li's TV has increased, it is far inferior to TVB, and in addition, a lot of costs have been added in the process of competition, which has also caused Li's TV station to continue to lose money.

This veteran TV station in Hong Kong can be said to have not had a good life for a few years since its establishment. Basically, it's a line between meager profits and losses.

Originally, if you lose money to change the market, you can still count on making a profit in the future. But Nima's, TVB has occupied most of the market, so this idea is gradually becoming unrealistic.

In addition, the parent company of Leigh's TV, the voice of British Leigh, has suffered huge losses in the speculative energy business in Canada, so there is also a need to sell assets to pay off debts. As a result, in March 1981, the company began to transfer 61% of the equity to an Australian consortium, and the other part of the equity was granted to some local Chinese businessmen in Hong Kong, and its own equity retention ratio has been reduced to no more than 20%.

However, it has only been a year since the investment in Li's TV, and Australian investors also regret their reckless investment. The Australian Gang felt that it should have been tricked by the management team of the TV station, so they began to decide to purge the original management, for example, Huang Xizhao, the former general manager of Li, was fired by the Australian Gang.

After Huang Xizhao was fired, his apprentice Mai Dangxiong also announced his resignation, saying that he would advance and retreat with the master. Of course, there is an element of righteousness, but in fact, it is because Mai Dangxiong is not optimistic about the prospects of Li's TV and decides to go out and start his own business.

Since the creation of Li's TV station Chinese programs in the 70s, most of the TV dramas with championship ratings were produced by Mai Dangxiong's team, and after the loss of Mai Dangxiong, Leigh's TV ratings naturally suffered a heavy blow.

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"Boss Lin, Li's current financial situation is already very bad. The asset size of the whole Li is about 375 million, but the debt is also close to 300 million yuan. Moreover, the average annual interest rate on its debt is 15%, which is far more than the profitability of Rei TV's own, so its financial situation deteriorates every year. If the growth rate of its income does not offset the growth of its expenses, it will become insolvent in a few years. Standard Chartered Bank, the number one creditor of Li's TV station, revealed the old bottom of Li's TV after learning of Lin Qi's intention.

"How much is Li's TV worth now?" Lin Qi asked.

"We don't estimate this, but how much money Li's shareholders think is appropriate. A senior executive of Standard Chartered Bank said to Lin Qi, "But if I am allowed to invest, I think Li's is worth 100 million at most." ”

"100 million?" Lin Qi smiled, "They have to be willing to sell, do you think the original shareholders are willing to sell at this price?"

Lin Qi remembers that Qiu Degen, who changed Li's name to Asia Television, spent 100 million Hong Kong dollars to invest in 50% of Li's TV.

In other words, in the minds of the current original shareholders of Li, Li's TV is worth 200 million Hong Kong dollars. This is a comprehensive valuation that includes the company's assets, customers, employees, and brand.

If you only count the net assets of Li's TV, there are only tens of millions of net assets left. But if it is calculated according to the net assets of 70 million, it is equivalent to the valuation of buying the headquarters building of Li's TV station, and the shareholders of Li's company will definitely not do it.

No matter how much debt it has, its company is still a veteran TV media in Hong Kong, and its annual revenue is hundreds of millions of yuan per year. If it is properly managed and more income is added to cover its costs, then it may be able to turn losses into profits.

"This, I think it's a bit difficult. Standard Chartered Bank executives said, "After all, the price of the previous Australian Gang to acquire 60% of the shares of Li has been 120 million." Even if they don't want to make money, these shareholders don't want to lose money if they want to exit. ”

"Then, 300 million!" Lin Qi said in a deep voice, "Through your Standard Chartered as an intermediary, 300 million Hong Kong dollars, can you buy all the equity, not only the equity held by the Australian Gang, but also the voice of the original shareholder Li, and the equity held by other minority shareholders." If 300 million can become the sole owner of Li, then there will be more asset acquisitions and restructuring and business to you in the future!"

The senior executive of Standard Chartered Bank was very happy and said: "300 million? Such a high premium is definitely not a problem." ”

Lin Qi doesn't mind the extra cost of 100 million yuan at all, because the real cost of Li's is not whether the purchase price is cost-effective, but the cost that needs to be borne every year in the future after taking over the TV station.

For example, the Lin family, the shareholder who took over the market for the longest time, has lost more than one billion yuan in the operation of Asia Television for more than ten years, but fortunately, he later found the next family to sell his equity, transferred his equity at a premium, and let him leave the market with a small profit. However, ten years, if you keep your money in the bank, the interest for ten years is more cost-effective than ten years of taking over ATV.

And in history, almost every shareholder of Li's (ATV) has been miserable, and they haven't gotten any bargain from it.

It's not that Lin Qi thinks it's better than those shareholders in the original history, but Lin Qi simply uses Li's as an incubation platform. One is a talent incubation platform, the TV station is able to train a large number of talents in the entertainment industry, and it is also a low-cost talent training and mining platform. The second is the IP incubation platform, which can further stimulate the sales and popularity of peripheral products through animation and film broadcast through TV media.

Some Japanese manga and animation companies are willing to sell TV broadcast rights and even overseas broadcast rights to TV stations at a loss, in essence, they are trying to attract fans to their IP through TV broadcasting. The direct effect is that after the animation changed by light novels and comics is played, it can effectively stimulate the sales of novels and comics, even if the animation copyright does not make money, but through this advertising effect, it still makes profits.

After Lin Qi arranged the acquisition task, the negotiation team of the new venture electronics company began to contact the management and original shareholders of Li's TV frequently.

At the same time, Standard Chartered Bank also began to exert financial pressure on the original shareholders of Li's TV, that is, by forcing debts to force the original shareholders to soften.

The new start-up electronics company sang red face and promised the benefits to the employees and management of the TV station after the acquisition.