Not helped by a disappointing few sets of quarterly results, China Digital TV (which is China-based but NASDAQ-listed as STV) has decided to sell its CA, network broadcasting platform, and VoD businesses. The decision was reached at an Extraordinary General Meeting on November 27th although the decision reflects an asset restructuring plan announced on October 27th.
The buyer is Shanghai Tongda Venture Capital Co. The restructuring remains subject to review and approval by relevant regulatory authorities; it will terminate if not completed by December 31st 2015. Terms were not revealed.
Founded in 2004, China Digital TV is the leading provider of CA systems and comprehensive services to China´s expanding digital television market. CA systems enable television network operators to manage the delivery of customized content and services to their subscribers. China Digital TV conducts substantially all of its business through its PRC subsidiary, Beijing Super TV Co., Ltd., and its affiliate, Beijing Novel-Super Digital TV Technology Co., Ltd., as well as subsidiaries of its affiliate.
Shanghai Tongda Venture Capital was founded in 1992. Its business covers high- and new-technology investment, industrial investment and asset management, agricultural development, operation and domestic trade, and food production and sales.
Two weeks ago, on Nov 18, the company talked about seeing ‘smart card’ shipments in the 4.5-5 million/per year for the upcoming 12 months.