A positive announcement is expected next week from Taiwan’s media and broadcasting regulator
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ThE MaStEr
2010-09-30
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A positive announcement is expected next week from Taiwan’s media and broadcasting regulator
Chen Jeng-chang of the National Communications Commission (NCC) told CNA today: It is very likely that the acquisition will be approved at the NCC’s next meeting on October 6.
A positive announcement is expected next week from Taiwan’s media and broadcasting regulator for the purchase of cable company Kbro by one of Taiwan’s richest families, according to media reports.
Daniel Tsai, chairman of Fubon Financial Holding Company, and his brother Richard Tsai, chairman of Taiwan Mobile Company, are hoping to buy Taiwan’s largest cable company for a reported US$2.09 billion (NT$65.3 billion) from private equity firm the Carlyle Group.
They have set up a private company, with no government shareholders, in order not to contravene a law prohibiting state ownership of media companies.
An attempt by the family to purchase Kbro through Taiwan Mobile was blocked in September 2009 by the NCC because the Tapei City government had a 15% stake in the telco’s majority shareholder, Fubon Financial Holding Company.
If regulatory approval is given, the Tsai family will reportedly assume a debt of NT$20 billion from Kbro. However, in return the company will give them an extensive media network: Kbro reaches about 1.7 million cable households in Taiwan. It will also mean extra competition for rival Chungwa Telecom, which already offers high definition (HD) IPTV services.
The Washington-based Carlyle Group bought control of Eastern Multimedia in 2006, in a deal which included the cable TV division that was subsequently renamed Kbro.
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