By Zhu Jialei

China Media Capital (CMC), an investment company under Shanghai-based broadcaster Shanghai Media Group (SMG), has denied rumors that it plans to purchase a large share in Hong Kong broadcaster TVB.

A spokesman surnamed Song from CMC's Beijing office denied that there were any plans to purchase TVB. "We haven't been given any notice from anyone in terms of this issue, and it is an unlikely proposal," he told the Global Times Sunday.

"We haven't heard of anything about a purchase," Zhu Min, an officer in the administration office of SMG, also said Sunday.

There has been speculation in Hong Kong media that TVB's biggest shareholder, 102-year-old Shaw Run Run, is looking to sell his 32.49 percent share of the company, valued at around 5.66 billion yuan ($840 million).

Chengdu Business Daily reported Saturday that SMG is bidding 10 billion yuan ($1.49 billion) for the share through CMC, citing an anonymous insider.

Yicai.com claimed that SMG has been consulting with the vice president of TVB, Mona Fong, about making the purchase, again citing an unnamed source.

No one from TVB was available to provide a comment Sunday.

Earlier this year, SMG and TVB worked together to jointly produce a TV series for the first time, which was broadcast by both stations in August.

TVB's former general manager, Chan Chi-wan, is currently appearing in court in Hong Kong facing charges of corruption.

Founded in 1967, TVB was the first?free-to-air?television broadcaster in Hong Kong, where it dominates the local TV broadcasting market.