AOL to Sell Most of Its Shares in China Entertainment TV

Li Ka-shing answers reporters' questions.

According to certain sources, AOL Time Warner is about to reach an agreement with Li Ka-shing's tom.com on the sale of China Entertainment Television Broadcast Co(ECTV).  Having entered China's mainland one and a half years ago, CETV has not been allowed to broadcast outside Guangdong, star-rated hotels and foreign communities. It has consequently occupied just 2 percent of the Chinese market.

It is widely believed that the intention behind AOL's offer is to establish a partnership with the well-connected tom.com, as well as to offload unprofitable business. The deal signals AOL's retreat from the Chinese market.

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