A PYMNTS Company

Hong Kong: Protests sabotage print media merger to keep critical stance on China

By  |  March 26, 2013

A Hong Kong billionaire’s sale of his Taiwan-based newspaper and magazine has collapsed amid controversy that the deal would cripple competitors in print media and silence a critical voice on China. Jimmy Lai was hoping to sell Next Media Ltd for $536 million to investors, the leader of which is part of the family that owns Taiwan’s China Times Group. A spokesperson for the publication told reporters that the deadline to finalize the deal would not be extended; Next will continue its bid to sell its television assets in Taiwan, however. Critics said the sale of Next’s print media endeavors – which include Lai’s Apple Daily, Sharp Daily and Next Magazine, all with a circulation of about 1 million – would transfer control of the publications to those with more favorable views on China. Protestors rallied for regulators to bar the merger earlier this year.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.