HK media tycoon to sell Taiwan TV unit
TAIPEI (AFP) - Hong Kong media mogul Jimmy Lai is to sell his loss-making TV business in Taiwan to one of the island's cable news networks, it was announced on Monday.
The Hong Kong-listed Next Media signed a memorandum of cooperation with Mr Lien Tai Sheng, owner of Era Communications, for the sale of Next TV. They are scheduled to sign a final contract one month from now.
"We hope the contract will become effective from January," a spokesman for Next TV told reporters, without specifying the price of the deal.
Next Media plans to lay off around 300 staffers from Next TV and 200 others from its multimedia entertainment company in Taiwan, he said.