The Communications Authority has allowed PCCW Media to invest about HK$5.4 billion less between 2015 and 2021 due to the challenging business environment.
PCCW Media operates pay-TV service provider Now TV and over-the-top video streaming provider Viu.
Under the updated investment plan, the total investment by PCCW Media for the period will be adjusted to HK$18.15 billion, 23 percent less than the original investment plan.
The new plan comprises of HK$995 million for capital investment, as well as HK$17.16 billion for program investment and other operating expenditures.
The CA said it recognized the increasingly challenging business environment for broadcasters amid the recent economic downturns and the substantial changes to the industry landscape since the investment plan was formulated back in 2013.
In the annual report released in April, PCCW (0008) said its media business revenue increased by 1 percent to HK$4.01 billion last year.
Revenue at Now TV dropped 6 percent to HK$2.68 billion, while OTT revenue surged 18 percent to HK$1.07 billion.
Last month, PCCW Media Group said Now TV news chief Cheung Chi-kong will retire at the end of August. He will be succeeded by veteran journalist Bill Chan, who joined the company on June 23. Chan previously worked at the news departments of Asia Television and Television Broadcasts for over 30 years.
The company said Cheung has led the news department successfully over the past 15 years and is an important original member of the news channels. It also thanked Cheung for his contribution to the growth and development of the department and postponing retirement repeatedly.
Earlier this month, PCCW (0008) chairman Richard Li Tzar-kai, the younger son of tycoon Li Ka-shing, agreed to subscribe to US$2.5 million (HK$19.5 million) worth of Cathay Media and Education Group (1981) shares through his indirectly wholly-owned firm Oceanic Wisdom, as a cornerstone investor for its Hong Kong initial public offering.
Cathay Media has developed popular TV series based on novels created by Louis Cha Leung-yung, including Demi-Gods and Semi-Devils in 2003, and the Heaven Sword and Dragon Saber in 2019.
