Of the central concern of this paper is the capital formation in Taiwan's television in the 1960s. It asks: how were the opposite elements of the capital contradicted, negotiated and finally united? This paper answers the problem by looking into the logic of the state under the authoritarian rule. According to the analysis, the party-state mainly conceived television as a governmental propaganda tool, not as a cultural and educational institution, thus declining to invest, and allowing state bureaucrats and private capitals to make extortionate profits. But developed in different contexts, the capital formation of the three stations had slight differences. The official and private shareholders had contradictions and even conflicts; but driven by common interests, they became united. Based on the analysis, this paper suggests that as the private shareholders have long garnered interests, their shares be returned to the public at low cost.