HONG KONG -- Interest from one of Hong Kong's wealthiest real-estate families in the territory's main television broadcaster is stirring concern about big business's influence on the local media.

Peter Lee, the son of Hong Kong tycoon Lee Shau-kee and vice chairman of Henderson Land Development Co., is in talks with the controlling shareholder of Shaw Brothers (Hong Kong) Ltd. to acquire some or all of its 26% stake in Television Broadcasts Ltd.

A sale would help end speculation about the future of TVB, whose 102-year-old chairman and co-founder, Run Run Shaw, has no obvious successor.

The talks also highlight TVB's attraction as a cash cow with growth potential in China. Morgan Stanley said the price of 9.2 billion Hong Kong dollars (US$1.2 billion) that has been reported in some outlets for the stake would value TVB at roughly a 30% premium to its current share price.

TVB reported HK$585 million in first-half net profit, up 77% from a year earlier. TVB commands about 85% market share in the free broadcast segment, with competitor Asia Television Ltd. mired in a legal fight over ownership.

Hong Kong advertising revenue is expected to grow at a moderate pace of 5% annually until 2014, according to PricewaterhouseCoopers.

But TVB's growth prospects elsewhere, especially mainland China, are a big part of its appeal, said Vivek Couto, executive director of research firm Media Partners Asia Ltd. in Hong Kong.

"TVB has a very valuable library that it could monetize in overseas markets and huge potential for growth in the digital space through TVB.com," Mr. Couto said.

TVB's grip faces risks. Hong Kong's government is considering applications from three companies for licenses to break the duopoly. One application is from Richard Li, who controls fixed-line telephone company PCCW Ltd. and its pay-TV service provider, NOW TV.

For now, though, TVB is one of Hong Kong's most powerful media outlets, and the potential that it could be controlled by a developer has sparked anxiety that its role as a watchdog could be compromised.

"This is very worrying for press freedom," said legislator Emily Lau. Ms. Lau expressed concern that self-censorship could increase under Mr. Lee's control, given friendly ties between Henderson Land and Beijing. She said TVB already has a reputation for aligning itself with Beijing, earning the nickname "CCTVB," a reference to Chinese state broadcaster China Central Television.

TVB declined to comment.

Property companies, which are among Hong Kong's biggest advertisers, spent about HK$650 million in the first half, according to research firm admanGo.

An opinion piece in Hong Kong's Apple Daily newspaper last week questioned whether under Mr. Lee's control, TVB would have reported on the police probe of Henderson Land over canceled sales at a Hong Kong luxury development.

A Henderson spokeswoman said Mr. Lee's talks with TVB are in his private capacity and not connected with the developer or its Henderson Investment Ltd. subsidiary. Henderson and Mr. Lee declined to comment further about media independence since Mr. Lee's interest in TVB is preliminary.

Mr. Lee's father expressed interest in TVB two years ago, pledging HK$3 billion to help support a HK$10.5 billion bid by Yeung Kwok-keung, a property developer from China. The deal collapsed because of funding difficulties.

In some ways, the Lee family's interest in TVB is business as usual in Hong Kong, where wealthy business families long have had substantial media interests. Besides owning PCCW and NOW TV, Mr. Li also owns the Hong Kong Economic Journal.