Next Media was founded by high profile businessman Jimmy Lai, known for his support for democracy and criticism of China. It introduced tabloid-style journalism into Hong Kong and Taiwan, with the hugely successful Apple Daily. The group made a rare misstep by entering Taiwan’s saturated broadcasting market. In October 2012 it agreed to sell its loss-making Taiwan TV unit and to terminate its video-on-demand (VOD) services, but the deal fell through in March 2013.
Briefs, November 14, 2012
Hiccup in Koo's deal for Next Media in Taiwan
A plan by Jeffrey Koo Jnr, head of Taipei-based ChinaTrust Charity Foundation, to buy Hong Kong-based Next Media Group's media assets in Taiwan for NT$17.5 billion (HK$4.67 billion) has hit a snag. Koo has been warned against taking more than a 20 per cent stake. The island's Financial Supervisory Commission yesterday said Koo was not allowed to control, lead or manage the Next Media assets in Taiwan, or even sign a deal for their purchase, given his links to ChinaTrust Financial Holding. Under Taiwanese law, no financial business can invest in cross-border production, including newspaper production. The deal is supposed to be signed on Saturday. The commission said Koo had committed to publicly explaining how he could resolve the problem. William Wong, chairman of the Formosa Group and one of the deal's investors, is expected to hold an internal meeting to discuss the issue today. Lawrence Chung
Patient kills nurse in hospital knife frenzy
A male patient stabbed a nurse to death with a kitchen knife and seriously injured four other medical staff yesterday at the Second Affiliated Hospital of Anhui Medical University in Hefei, Anhui, People.com.cn reports. The man was arrested at the scene, but his motive was not immediately clear. He Huifeng
Japanese firms bear cost of anti-Tokyo riots
Anti-Japan riots that shook Chinese cities in September may have cost Japanese companies more than US$100 million over the past two months, according to government estimates. The riots erupted after the Japanese government nationalised three of the disputed Diaoyu Islands. AFP