This study examines the inadequacy of the discourse on media imperialism by analyzing the business strategies used by Hong Kong Television Broadcasts Limited (HKTVB) in expanding its overseas market and what they have achieved. HKTVB's experience exemplifies the case that strategies of a media exporter hinge on the institutional settings that regulate the interactions among the media exporter, the state of the importing nation and its people. The content and form of imported media products are also determined by the interactions among the parties concerned. It is also pointed out that studies of media imperialism should give emphasis to the rules and regulations in international communication to gain an insight into interactions among the media exporter, the state and the audience.