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The Chief Executive-in-Council has approved the surrender of domestic pay television programme service licences by TV Plus (HK) Corp and Yes Television (HK) Limited, with effect from April 1 and July 1.
The surrender of the pay TV licences is purely the companies' commercial decision.
They will be required to pay the annual licence fee of the current year on a pro-rata basis until the effective dates of surrender. This will be $142,360 for TV Plus and $483,230 for Yes TV.
The Government will also call the bonded sum of $1.49 million from Yes TV's guaranteeing bank as the company has failed to comply with an outstanding obligation requiring it to have incurred not less than $108 million as the cumulative capital expenditure for its pledged services.
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