Next Media Says $536 Million Taiwan Asset Sale Falls Through
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Hong Kong billionaire Jimmy Lai’s sale of his Taiwan newspaper and magazine collapsed amid protests that the NT$16 billion ($536 million) deal would silence a critical voice on China and give the buyers too much control of the island’s media.
A deadline to execute the Next Media Ltd. sale to investors led by Tsai Shao-Chung, whose family owns Taiwan’s China Times Group, won’t be extended, Next spokesman Mark Simon said in a telephone interview today. Next still plans to sell its television assets in Taiwan, he said.