Thursday 28 Mar 2024
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KUALA LUMPUR (July 12): Star Media Group Bhd said it is ceasing the business operations of its wholly-owned subsidiary Li TV Group effective Oct 7 to mitigate further losses made by the company.

Li TV Group consists of Li TV Holdings Ltd (Li TV) and its wholly-owned units Li TV International Ltd, Li TV Asia Pte Ltd and Li TV Asia Sdn Bhd.

It is principally engaged in the business of operating and distribution of an English language lifestyle television channel 'Life Inspired' that broadcasts across Asia.

Based on Li TV's latest audited financial statements for the year ended Dec 31, 2016 (FY16), Li TV incurred losses of US$1.62 million, said Star Media in a filing with Bursa Malaysia.

"All broadcasting companies globally are facing headwinds and with digital disruption within the media industry, the company does not expect a turnaround of this segment.

"In view thereof, the board has decided to cease the business operations of Li TV Group to mitigate further losses," the group added.

Star Media said the cessation will involve terminating all its broadcasting business activities, the novation/assignment of its contents and trademarks to a related company of Star Media as and when there is a commercial related activity, disposal of assets and retrenchment of employees.

The cessation, it said, will not have any material impact on the earnings per share and net assets per share of the group for FY17 and is expected to be completed by the fourth quarter of this year.

 

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