Sir Run Run's Red Chip Hasn't Come In

Beijing's wariness slows a media mogul's expansion plans

For decades, Sir Run Run Shaw has dominated Hong Kong television. Through his family-controlled companies, Shaw Brothers and Television Broadcasts Ltd. (TVB), Sir Run Run controls the territory's biggest TV station and its premier producer of TV shows. But Shaw is 90 years old and has not designated any of his children or anyone else to take his place. So when rumors surfaced in late July that Shaw would sell down his stake, uncertainty about the buyer prompted the shares to plunge (chart).

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