Shaw, who is also chairman of TVB, owns 32.49 percent of TVB through Shaw Brothers and Shaw Foundation.

Shaw's shareholding in TVB is estimated to be worth HK$6.4 billion.

Potential buyers for Shaw Brothers also include a consortium led by Hong Kong-listed Chevalier International chairman Chow Yei- ching.

The consortia members include other Hong Kong tycoons and parties from the mainland. But Chow has pulled out from the negotiations, Sing Tao Daily, the sister paper of The Standard, reported.

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By purchasing Shaw's interest, any potential buyer could take control of the Shaw Brothers media empire by paying HK$3.8 billion.

Shaw Brothers has a market capitalization of more than HK$5.2 billion, while the combined market cap of the company and TVB is HK$25.5 billion.

Shaw Brothers said last week that it has at "various times" held discussions with interested parties. It did not reveal details, but denied any agreement had been made.

The negotiations, which had been continuing for about two months, sent shares of Shaw Brothers and TVB rising significantly, with Shaw Brothers reaching a 52-week high to close at HK$13.28 Friday. The share was up 6.2 percent from last Wednesday's close.

TVB closed at HK$46.4 Friday, having jumped about 1.8 percent since last Wednesday's close.