Hong Kong -- China Entertainment TV founder and chairman Robert Chua said he is likely to close the ailing channel as soon as this week. Chua said he had failed to come up with a white knight to rescue the "no sex, no violence, no politics," Mandarin-language entertainment service after an investment by a group of five mainland Chinese companies went sour late last year. Chua has held numerous discussions with would-be buyers of CETV, but he added that the latest rescue payment, pledged by a group of Beijing businessmen, was unlikely to arrive, and that he would be forced to shutter the channel. The company axed 100 of its staff in December, and the remaining 100 have been working for reduced salaries since then. CETV has been operating on donations from viewers around Asia. But with operating costs equal to $US1 million per month, Chua needed a substantial financial commitment to keep the service operating.
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