Tuesday, March 26, 2013

Next Media Deal Falls Through

WSJ has the news:
Hong Kong media magnate Jimmy Lai's Next Media Ltd. (0282.HK) said Tuesday that buyers for its Taiwan print operations have decided to let the agreement lapse ahead of a deadline.

Next Media signed a preliminary deal late last year to sell its Taiwan print assets for 16.0 billion New Taiwan dollars (US$540 million) to a group that includes Tsai Eng-meng, chairman of the Want Want China Times Group; Jeffrey Koo Jr., the eldest son of Chinatrust Financial Group's chairman; William Wong, chairman of Formosa Plastics Group; and David Lee, chairman of funeral-services provider Lung Yen Life Services Corp.

Mark Simon, a commercial director at Next Media said the buyers have told Next Media they won't meet a deadline for the deal set for Tuesday night, but didn't elaborate why. Mr. Simon said the deal to sell the company's Taiwan television operations for NT$1.5 billion is "still alive."
Not much more you can say at the moment, until the news leaks over the next few days to explain why the Tsai group pulled out. At least it isn't being purchased by an odious pro-Beijing group. Perhaps Mr Lai will find it in his wallet, if not his heart, to continue to operate it as an independent, non-partisan, muckraking paper.
Don't miss the comments below! And check out my blog and its sidebars for events, links to previous posts and picture posts, and scores of links to other Taiwan blogs and forums! Delenda est, baby.


AV-VA SEO said...

Congratulations, Michael !
Let “Big Brother” has crack snacks with some banana business added…

Anonymous said...

Hmmm...I wonder if this had to do with the Tsai's not wanting anyone to examine their holdings too closely in the antitrust suit.

Anonymous said...

The official reason he wanted to sell is because Next Media Taiwan is losing money, especially the tv business, as Ma will not give him license, so Next TV can only make webcast.
BTW, Next TV is gone, right?
And now the deal is off, where will he get the money to keep the book even?