Bangkok-based Kantana Group has withdrawn from a joint venture running TV5 with the Royal Cambodian Armed Forces and another Thai company, a government official said Monday.
Khieu Kanharith, secretary of state for the Information Ministry, said the company pulled out of the venture, leaving Thai Nakorn Patana Co, which also owns the Hotel Royal Phnom Penh, as the sole partner with RCAF.
“Kantana was a small part of the Thai business cooperation in TV5,” Khieu Kanharith said. “The major contractor in the joint-venture is still here.”
Kantana-owned Mega Media has been operating TV5 for six years. Kantana’s withdrawal is part of its restructuring efforts; the company will now focus on developing innovative local television shows in Thailand, according to a report in the Bangkok-based Nation newspaper.
Srirat Noochniyom, managing director of TV5, said Thai Nakorn Patana Co, which has a 30-year agreement to run TV5, will continue to help manage operations. Cambodians are being trained to run the station when the contract expires, he said. “We’re looking at a local partnership in the future,” he said.
Meanwhile, a Singapore firm has bought TV&Radio Angkor Co, according to a recent report.
The Asia Pulse reported that a subsidiary of United Engineers Ltd has paid $600,000 for a share of the Cambodian company, incorporating United Media Ltd and Media Services Ltd.
Khieu Kanharith said TV&Radio Angkor Co has been inactive since it received an operating license two years ago.
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