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Sale of Carlyle Group's stake in Eastern Broadcasting approved

2018/01/31 16:31:56

CNA file photo

Taipei, Jan. 31 (CNA) The National Communications Commission (NCC) approved on Wednesday of the acquisition of Eastern Broadcasting Co., one of Taiwan's leading cable TV stations, by investment firm Mao Te International Investment Co.

Wednesday's decision focused on the proposed sale of the 65 percent stake in the broadcasting company held by the Carlyle Group, a U.S-based private equity fund, which had to be approved by Taiwan's government because it was being made by a foreign company.

With approval granted, the investment firm can now acquire the Carlyle Group's 65 percent stake, Eastern Media International Corp.'s 21.32 percent stake, and the remaining 16.68 percent of shares held by minority shareholders.

Sales of the domestically held stakes do not require pre-sale review.

Property developer Chang Kao-shiang (張高祥), who owns the investment firm , appeared in front of a NCC review board last week on Jan. 24 to address issues about the acquisition relating to content ratio, workers' rights, press freedom, and company management.

Among his more noteworthy promises were to raise entry-level salaries to a minimum of NT$30,000 a month and to invest NT$150 million a year for six years in the development of local content and international news reporting.

In its decision on Wednesday, the NCC expressed approval of Chang's plans and said it expected him to fulfill them.

(By Chen Cheng-wei and Kuan-lin Liu)