The Investment Commission yesterday rejected Taiwan Optical Platform Co’s (台灣數位光訊) planned NT$11.12 billion (US$367 million) acquisition of Eastern Broadcasting Co (EBC, 東森電視), ending nearly a year of disputes with EBC’s second-largest shareholder, Eastern Media International (東森國際).
“We officially wrapped up the case after hearing the National Communications Commission’s opinion,” commission executive secretary Emile Chang (張銘斌) said by telephone.
It marks the second failed attempt to sell at stake in ECB since 2015, Chang said.
DMG Entertainment executive officer Dan Mintz in December 2015 requested commission approval to spend NT$18.3 billion for an 82 percent stake in EBC, which was comprised of Eastern Media’s 21 percent stake and Carlyle Group’s 61 percent stake.
Mintz’s planned investment was canceled in July last year when the EBC shareholders rejected his offer, the commission said.
Taiwan Optical Platform in October last year said it inked an agreement with Carlyle to purchase its 61 percent stake in EBC, surprising Eastern Media, which expressed interest in regain control of EBC.
Taiwan Optical and Eastern Media over the past 10 months have accused each other of spreading misleading information to influence the government’s decision on the share sale.
The commission on May 31 tendered its opinion to the commission and said it disagrees with Taiwan Optical’s planned EBC acquisition, as the deal would expand Taiwan Optical’s industry share, which could undermine freedom of speech in Taiwan.
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