The KMT said yesterday it would not put any more money in the financially strapped Power TV, but the party is looking for a new investor to take over the station.
If a new investor can be found, both shareholders of the station -- the KMT and the Hsian Shan Group (
Although Wu declined to name the possible group that has been in contact with the KMT, reports said I-Mei Foods Corp which owns the Taiwan News, a English daily in Taiwan, is very much interested in the deal.
The reports said that the I-Mei Group is willing to pay NT$250 million to buy the station, but both sides are still in the process of negotiating.
The KMT became a partner in the Power TV station after it invested NT$600 million in January last year. The Hsian Shan Group and the party hold even proportions of the station's stocks.
The investment has proved a poor one however, especially since the station was flooded during Typhoon Nari last September, as a result of which most of its equipment was destroyed.
The KMT is also unhappy with the fact that, regardless of its being a major shareholder, it does not have any management rights, on top of which it is unhappy with the station's strong pro-PFP stance in its news coverage.
For the past six months, the relationship between the KMT and Chiang Tao-sheng (
Chiang again accused the KMT yesterday of failing to meet its financial obligations, as a result of which a check for NT 5.16 million bounced on Tuesday.
He said after the KMT's join the venture in January 2001, he had put an extra NT$350 million into the station, while the KMT had given nothing extra.