Next's sale of Taiwan print arm collapses

Next Media's sale of its Taiwanese print business has fallen through a day before the deadline, but the sale of its television operation continues, a spokesman said yesterday.

The NT$17.5 billion (HK$4.55 billion) print deal was supposed to be completed by today, but one of the Taiwanese buyers walked away at the last minute. That has dashed Next Media's hopes of selling its Taiwanese operations, including the money-losing television business, as a bundle. Next Media is owned by Jimmy Lai Chee-ying.

"It's because the buyers didn't show up," said Next Media spokesman Mark Simon, when asked to confirm whether the print business sale had collapsed.

"We are quite perturbed by the behaviour [of the buyers], and we don't have much comment under the circumstances," he said in an interview. Simon said "there are no other buyers" talking with Next Media.

He was quoted by Bloomberg as saying an option to extend the agreement to sell the print assets would not be taken up.