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News Summary: China critic to sell Taiwan holding

Source : AP
Last Updated: Tue, Oct 16, 2012 18:31 hrs

: A Hong Kong media magnate highly critical of China, Jimmy Lai, is selling one of his Taiwanese companies to a group headed by Jeffrey Koo Jr., a local businessman whose family has substantial interests on the mainland, for about $580 million.

THE HOLDINGS: Being sold are a newspaper, Apple Daily; Next magazine, a weekly often critical of Taiwan's China-friendly government; and an Internet TV station.

THE BACKGROUND: The development comes on the heels of pro-China Taiwanese newspaper publisher Tsai Eng-meng's attempts to complete a $2.4 billion deal for a cable TV network system, underscoring growing Chinese influence on the island.

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