Jeffrey Koo Jr. Has Reportedly Joined Hands with Wang Wen-Yuan

Taipei, Oct. 16, 2012 (CENS)--Jeffrey Koo Jr., chairman of Chinatrust Charity Foundation, has reportedly joined hands with Wang Wen-yuan, president of Formosa Plastics Group, and a Singaporean private equity fund to spend NT$17.5 billion in buying out the media businesses of Next Media Group in Taiwan, including Apple Daily, Next Weekly, and Next TV. Both parties already signed a memorandum of understanding for the deal.

A friend of Jeffrey Koo Jr. confirmed that Koo has teamed up with a number of partners, including Wang Wen-yuan of FPG, to acquire the print and TV media of Next Media Group in Taiwan, including Next Weekly, Apple Daily, and Next TV. Due to confidential agreement signed by both parties, details of the deal cannot be revealed.

The insider noted that although Next TV cannot be broadcast via the analog channels of cable TV at present, the problem can be solved by 2015, when local TV channels will be completely digitalized, according to the government's plan. Jeffrey Koo Jr. has experience managing media and thus is capable of managing the media businesses of Next Media Group in Taiwan.

An investment banker revealed that Jeffrey Koo Jr. appears to be the largest investor for the deal, perhaps with financial banking from Tsai Yien-min, chairman of Want Want China Times Group.

An insider said that Wang Wen-yuan contributed only 10% of the capital for the deal; FPG, though, denied the participation of Wang in the deal.

Earlier this year, report concerning sales of Taiwan businesses by Next Media Group began to appear in the market, according to which Jimmy Lai, chairman of Next Media Group, asked for US$500 million (NT$15 billion) for the deal. Recently, Daniel Tsai, chairman of Fubon Financial Holding, reportedly offered NT$9.5 billion for the deal; both parties couldn't reach an agreement on the price. Afterwards, Next Media announced sale of Next TV to Lien Tai-sheng, chairman of Era TV group, at NT$1.4 billion. The deal will be canceled now.