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SCMP Reporter

Negotiations to buy the loss-making business monthly Asia Inc from troubled Thai media tycoon Sondhi Limthongkul look likely to continue into next week.

  Asia Inc editor in chief William Mellor said he was unable to give details of the talks to buy the magazine, but it is understood he and publisher Anne Lim are leading a management buyout with an unnamed backer, from Mr Sondhi's publishing company Manager Media International (MMI).

 Earlier this week they were in Thailand for talks with Mr Sondhi.

  The news comes after bailiffs entered their offices in Central and tagged property as part of the landlord's attempt to recover three months' unpaid rent, about $1.3 million.

  One source said Asia Inc was losing US$5 million a year. Mr Mellor disputed the figure but gave no details.

  About 60 Asia Inc staff have not been paid for up to three months, with 32 still working in the Kinwick Centre offices.

  One staffer with a related title said: 'It has been gut-wrenching to work with these people because they have shown so much loyalty to MMI without anything in return but broken promises they would be paid.

 'They are a very noble bunch - I just wish I could say the same about the management.'   Mr Mellor and Ms Lim have been reported to be interested in buying only the Asia Inc title, but he commented: 'It is not just the title. One of the assets of the magazine is the staff who have been fantastic and our priority is to get them paid.'   Mr Sondhi's media empire has crumbled steadily since last May when he abandoned plans to make Asia Inc into a twice-monthly from a monthly publication.

  In June, his regional business daily Asia Times suspended publication and last month Mr Sondhi sold the bulk of his interest in a proposed Pan-Asian satellite television operation.

  The Hong Kong-based Asia Inc was launched in 1992 and has a circulation of 85,000, according to Mr Mellor, although one MMI source said it was 10,000 less. The title's circulation is controlled - most copies are distributed free to selected business executives.

  Mr Mellor said the October issue would be printed and the company had attracted 'lots of ads' for the November issue.



Editor and publisher may head buy-out of Asia Inc magazine from troubled Thai