GALAXY TOPPER QUITS AMID PAY TV TURBULENCE.

The resignation of Michael Chan, satellite broadcaster Galaxy's chief executive, has reinforced growing doubt about the company's future.

Galaxy, which is owned by leading Hong Kong terrestrial network TVB, was considered a sure thing when it won a pay TV license last December -- despite being saddled with restrictions to prevent its parent's market dominance.

Chan is leaving to run his own electronics business, but his departure follows a spate of other bad news. The industry has been clouded by gloomy predictions that too many players were crowding the market, even after News Corp.-owned satellite broadcaster Star withdrew from the race. Galaxy, due to launch its pay TV service next year, missed the March deadline for a bond payment to the Hong Kong government, and it isn't clear if it will lose its license as a result.