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.

 

Full Content: Bloomberg

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