TAIPEI, Taiwan (AP) – A Hong Kong media magnate highly critical of China is selling major media holdings in Taiwan to a group headed by a local businessman whose family has substantial interests on the mainland.
A source at Hong Kong-listed Next Media Ltd. said Jimmy Lai would sell Next Media Entertainment Services Ltd. to a group headed by Jeffrey Koo Jr. for New Taiwan dollars 17.5 billion ($580 million).
The source spoke anonymously because he was not authorized to discuss the deal.
Koo is the son of the chairman of Chinatrust Financial Holding Co., which recently received approval to begin operations in China.
Next Media includes the highly profitable Apple Daily newspaper, Next magazine, a muckraking weekly often critical of Taiwan’s China-friendly government, and an Internet TV station.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)