Parent of Ming Pao Daily to sell stake in subsidiary company that runs politically sensitive satirical websites
Magazine 100 Most and satirical website TV Most among those likely to change hands
The parent company of Chinese-language newspaper Ming Pao Daily is selling a stake in a subsidiary media company that runs politically sensitive social media content.
Media Chinese, which is owned by Malaysian businessman Tiong Hiew-King, said in a statement on Monday night that it was selling an unspecified interest in One Media – which runs several Chinese-language magazines including Ming Pao Weekly and car magazine Top Gear
Media Chinese did not reveal any information about a potential buyer or say how many shares it was selling in One Media, but it owns 62.83 per cent of the company.
This comes after mainland e-commerce giant Alibaba recently dismissed speculation that it was in talks to buy Ming Pao.
In 2012, One Media bought 10 per cent of media company Black Paper for HK$1 million.
The company was co-founded by a lyricist with two former Commercial Radio DJs in 2009, a year before they rolled out the periodical Black Paper, which was printed on a single sheet of A5 paper.