Jimmy Lai, the Hong Kong billionaire, has offered his Taiwanese newspaper and magazine for sale but did not push through. The major stumbling block to the sale are the protests that the NT$16 billion sale would muzzle the free press of the island and allow buyers control over the media on the island.
The deadline to finalize the Next Media Ltd sale to a consortium of investors headed by Tsai Shao-Chung was not extended. Tsai owns the China Times Group and instead Next is now intending to sell its television assets in Taiwan.
The failure of the consummation of the deal prevents the exit of Lai from his shareholdings in the Apple Daily, the Sharp Daily and Next Magazine. The combined circulation of the three is at one million and many fear the purchasers are sympathizers of mainland China. Many protestors have included Taiwanese President Ma Ying-jeou and his thrust of closer economic ties with China. They also urged regulatory authorities to veto the sale during a rally held last January.
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