China investments not allowed to enter Taiwan media: MAC
November 30, 2012, 12:35 am TWN
TAIPEI--Taiwan's Mainland Affairs Council said yesterday that Chinese investments are not permitted in media businesses in Taiwan, amid speculations that Chinese investors were involved in the acquisition of Next Media Group's operations in Taiwan.
Any attempts by Chinese investors to acquire Taiwan media interests will be handled by the National Communications Commission and the Fair Trade Commission in accordance with the law, said the council's deputy head Liu Te-shun.
The council will also make suggestions for dealing with such matters, if necessary, Liu said amid speculations that Chinese investors were behind the acquisition of Next Media's local operations by a Taiwanese consortium.
Liu said current regulations also bar Taiwanese media from running Chinese product placements.
In a buyout deal signed Wednesday, Formosa Plastics Group Chairman William Wong took the biggest stake — 34 percent — in Next Media'sprint operations in Taiwan.
Want Want China Times Group Chairman Tsai Eng meng acquired 32 percent, ChinaTrust Charity Foundation Chairman Jeffrey Koo Jr. 20percent, and Lung Yen Group Chairman Li Shih-tsung 14 percent.
Shares of Next TV will be held respectively by Wong (34 percent), Taiwan Fire and Marine Insurance Co. Chairman Lee Tai-hung (32 percent), Koo Jr. (20 percent) and Li (14 percent).
Tsai has denied any backing by Chinese funds.