One insists deal is transparent

One Enterprise Co, a subsidiary of GMM Grammy Plc and operator of One Channel, has insisted that its deal with the Prasarttong-Osoth family was transparent and did not violate National Broadcasting and Telecommunication Commission (NBTC) rules.

Mr Takonkiet says the partnership will strengthen future growth amid heavy competition.

Chief executive Takonkiet Viravan said Prananporn Co, which is to buy a 50% stake in One Enterprise, has no direct connection with the major shareholder of Bangkok Media and Broadcasting Co, which operates PPTV channel.

However, Prananporn and Bangkok Media and Broadcasting are controlled by the Prasarttong-Osoth family. Prananporn's major shareholder is Poramaporn Prasarttong-Osoth, daughter of Bangkok Airways owner Prasert Prasarttong-Osoth.

Besides, both One and PPTV channels are in the same category of variety with high definition.

The NBTC has a restriction that any digital TV operator or owner cannot own two HD channels.

One Enterprise, the joint venture between Grammy and Mr Takonkiet, plans to increase its registered capital by 1.91 billion baht and sell 19.05 million shares with par value of 100 baht to Prananporn.

It wants to enhance its financial efficiency and pave the way for massive content production in the future.

Mr Takonkiet said the two companies spent nearly five months to conclude the deal. After the entry, Prananporn will not change the management at One Enterprise, he said.

"One Channel didn't have financial difficulties, but we wanted the partnership to strengthen our future growth amid the heavy market competition," he said.