Chairman Cheung exits ATV

1:19 AM PST 12/08/2009 by Steven Schwankert, AP

No reason given for sudden departure

BEIJING -- Asia Television Ltd. chairman Linus Cheung resigned from the company with immediate effect Monday, after only 12 months in the position.

Neither Cheung nor ATV gave any explanation for the sudden departure. Cheung had been brought in to turn the privately-held, second-place Hong Kong broadcaster around.

The company has laid off about 200 employees this year, and was planning an initial public offering once it returned to profitability.

ATV trails Television Broadcasts Ltd., its local rival in both Chinese and English programming. TVB is one of the world's largest producers of Chinese-language television content.
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