Singapore PE fund in $600m deal to buy Next Media assets

The investor group, led by Chinatrust Financial chairman Jeffrey Koo, is buying Next Media's newspaper, Apple Daily, Next Magazine and Next Television. Petrochemical firm Formosa Plastics Group is also participating, having been invited to join the buyout.

The transaction would value Next TV at NT$2 billion, despite the channel having made an operating loss of $222 million over the past three tax years. The Taiwanese print media business would be valued at NT$15.5 billion. Market reports claim that Daniel Tsai Ming-chung of Fubon Group previously offered NT$12 billion for the asset.

Next Media was founded by Hong Kong businessman Jimmy Lai Chee-ying, who started the Taiwanese arm in 2001 with the introduction of Next Magazine. Two years later, he brought in the Apple Daily newspaper, which enjoyed great popularity. His attempt to launch Next Television in 2010 however was hampered by delays in securing licenses from the government.

A formal announcement will be made to the Taiwan Stock Exchange once the deal is signed. The company's shares were suspended from trading in Hong Kong on Tuesday morning.

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• Topics
• Greater China
• Media
• Buyouts
• Taiwan (China)
• Media