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China Times publisher, Taiwan's largest media group, changes ownership |
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21:58, November 05, 2008 |
Taiwan's largest media syndicate, the China Times Group, said in a statement on Wednesday that the group had been sold to Tsai Eng-meng, chairman of the food group Want Want.
Tsai and his family bought the group for 20.4 billion new Taiwan dollars (624 million U.S. dollars), according to local media reports.
The purchase agreement specifies that the group will retain its name and there will be no staff cuts.
With a history of 58 years, the Times is one of the most influential newspapers on the island, and it has expanded in recent years.
The group owns the Chinese-language China Times and Commercial Times, the China Times Weekly and the CTI TV and China Television Co. networks. Its publishing house and travel agency won't be sold.
Source: Xinhua
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