Television Broadcasts Limited (TVB)
Television Broadcasts Limited (TVB), headquartered at TVB City in Tseung Kwan O, is Hong Kong’s long-standing titan in free-to-air television. Since October 2003, its sprawling studio complex has underscored its production ambitions. TVB’s network comprises five main terrestrial channels, notably TVB Jade (Cantonese‑language programming) and TVB Pearl (English service), which remain its flagship outlets.
Media assets
Television: TVB Jade, TVB Pearl, TVP Plus, TVB Anywhere, MyTV Super, TVBS, TVBNews, TVB.com, TVB USA
State Media Matrix Typology
Ownership and governance
The media group is majority-controlled by Young Lions Holdings Limited, once helmed by Charles Chan Kwok‑keung, a figure often dubbed Hong Kong’s “maverick deal‑maker.” Li Ruigang, founder of China Media Capital and a former senior Shanghai CCP official, also figures prominently in the ownership structure.
Thomas Hui To, born 1 May 1972, is the Executive Chairman of TVB, a role he assumed on 10 March 2023. His board journey with TVB began in 2015 as a Non‑Executive Director; he became Executive Director in 2018 and served as Non‑Executive Chairman before his current appointment. Hui brings over three decades of senior leadership experience across investment banking, consultancy, and media. His career includes senior roles at Goldman Sachs (Asia), Merrill Lynch, and McKinsey & Company; he also held executive positions at KingSoft, GigaMedia, and JC Entertainment.
Source of funding and budget
TVB’s financial trajectory shows meaningful recovery: for the full year 2024, total group revenue stood at HK$3.258 billion (US$ 417.7 million), a modest 2% dip from 2023. Crucially, core TV-related operations bucked the trend, rising by around 10%, driven by robust gains in Hong Kong and Mainland China segments.
The company swung into positive EBITDA territory, earning HK$295 million (US$ 37.8 million), a HK$435 million (US$ 55.7 million) turnaround versus a loss in 2023, and trimmed its net loss significantly to HK$491 million (US$ 63 million) for the year. Excluding non‑recurring write‑downs, the second half of 2024 delivered an adjusted profit of HK$53 million (US$ 6.8 million).
Editorial independence
While TVB remains a publicly traded and privately held hybrid entity, concerns about its editorial autonomy have persisted. Studies and watchdogs have flagged increasing editorial influence from Beijing over recent years, in line with a broader tightening of control over Hong Kong’s media landscape. Documented instances of direct and overt censorship within the broadcaster have emerged during this period.
To date, there is no domestic legislation establishing the editorial independence of TVB, nor has any independent oversight or assessment mechanism been identified that could safeguard it.
August 2025