Vincent Tan makes second attempt at TV business after MiTV 'failed miserably'

TheEdge Mon, Dec 18, 2023 05:42pm - 6 months View Original


KUALA LUMPUR (Dec 18): Local tycoon Tan Sri Vincent Tan Chee Yioun is making a second attempt at the television business, after his previous venture MiTV Corp Sdn Bhd, which incurred losses totalling RM250 million, had, in his own words, "failed miserably".

In the latest venture, Tan is getting his privately-owned U Telemedia Sdn Bhd’s subsidiary, Ansat Broadcast Sdn Bhd, to collaborate with Indonesian multinational conglomerate, PT MNC Digital Entertainment Tbk, to introduce a subscriber-based television and content distributor brand, called “OK Vision”.

The new venture had its soft launch on Monday, which was also witnessed by Communications Minister Fahmi Fadzil and Malaysian Communications and Multimedia Commission chairman Tan Sri Mohamad Salim Fateh.

“Many years ago, I tried to do this business under a company called MiTV. I tried to challenge Astro [Malaysia Holdings Bhd] to be the second (pay-TV services) provider. Unfortunately, it failed miserably. I lost RM250 million, and I thought I would never be in this business [again], until I met Pak Hary [MNC executive chairman Hary Tanoesoedibjo],” Tan told reporters at the event.

However, he declined to reveal how much he is investing in the latest venture.

Hary, meanwhile, said “this collaboration highlights our unwavering dedication in pushing boundaries and delivering cutting edge content solutions for audiences at home".

PT MNC aims to redefine the entertainment landscape by providing “unparalleled” experiences and meeting the diverse interests of audiences in Malaysia and Indonesia, he said.

This is the second time PT MNC is partnering a Malaysian entity, after entering into a collaboration with Digistar Corp Bhd in January this year to provide digital content for the local hospitality and residential markets.

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