Hong Kong’s dominant free-TV broadcaster, Television Broadcasts Ltd (TVB), entered the weekend on a firm if angry note, following a horrible week that included having to issue a warning about a US$100+ million loss for 2022 and a plunging share price.

TVB’s public statement issued on Friday followed domestic press reports about the exit of U.S. investor Dodge & Cox and alleged shareholder dissatisfaction. 

TVB said in the statement that it had “great respect for the opinions and support of shareholders, and is committed to deliver best returns to them”.

At the same time, the company said it would not “tolerate or condone the dissemination of misleading information about the Company, attempts to tarnish the Company’s reputation without contacting any members of the management team, or making personal attacks towards our management”.

Naming no names or specific situations, TVB said it “reserved the right to pursue legal action against any unlawful acts or false accusations”. 

TVB said the market had been hit hard by the Covid-19 pandemic and that the global economy was “clouded by uncertainties and continues to underperform”. 

“All industries have suffered unprecedented economic losses, and TVB is no exception,” it said, pointing to “extensive reforms” implemented since the beginning of 2021 “in order to actively embark on a path towards new media for the television industry”. 

The company added that in the past two years, its new management team “has reshaped and strengthened TVB brand’s solid foundations, allowing TVB to successfully embark on the road of new media development”. 

“This ultimately leads to the creation of a brand-new, cohesive and energetic TVB in terms of business development and management,” it said.