Taiwan Optical Forum’s (TOF, 台灣數位光訊) proposed acquisition of Eastern TV network (ETTV, 東森電視) faced various questions at a public hearing organized by the National Communications Commission (NCC) yesterday.
The multiple service operator in October last year announced that it would spend NT$11.24 billion (US$358 million) to acquire 65 percent of the shares in ETTV that are owned by the Carlyle Group.
The remaining 35 percent is owned by Eastern Media International (東森國際) and its chairman Gary Wang (王令麟).
Dissatisfied with the deal that the Carlyle Group signed with TOF, Eastern Media International has filed a lawsuit against the Carlyle Group, as the former argued that it has the priority to buy back the shares in ETTV based on the terms of the contract.
Taiwan Media Watchdog director Lee Tze-wei (李子瑋) said that to prevent the monopolization of media companies, the commission should ask TOF to dissociate itself completely from ETTV’s news channel.
Lee suggested that TOF sign an agreement with the ETTV workers union to protect their right of employment.
As TOF also owns channels broadcasting content tailored to the needs of viewers in central Taiwan, he said the company must not replace local content with national content after they purchase the network to ensure diversity of content.
Campaign for Media Reform convener Eve Chiu (邱家宜) said TOF has won recognition for its local news coverage, but its proposed acquisition of ETTV is purely a business deal that enables TOF to become a major market player.
“What do viewers get from the acquisitions of media companies?” she asked.
Before the commission approves the deal, TOF should promise to carry non-commercial terrestrial television channels in its cable service, raise the percentage of self-produced programs and allow viewers to choose the channels they want to watch by implementing a tiered pricing plan, she added.
TOF said it does not receive any operational funds from China, and the proposed acquisition would not cause it to exceed the caps set for the number of cable service subscribers and the number cable channels a cable operator can legally own and control.
Some people cast doubt on TOF’s ability to pay back the loans to banks and sustain itself.
They asked how the company was able to secure a loan exceeding NT$10 billion when TOF and ETTV have a combined capital of less than NT$3 billion.
Taiho law firm attorney Chen Yen-ren (陳彥任) said TOF signed a five-year loan for NT$13.5 billion to purchase ETTV, adding that it is supposed to pay back NT$3 billion per year, including the principal and interest.
Having reviewed the company’s financial report in 2015, Chen said TOF would be NT$1.8 billion short in its annual payment to banks.
The Carlyle Group said Wang has the right of first offer, but does not have the right of first refusal.
Eastern Media International has neither the right of first offer nor the right of first refusal.
According to the group’s representative, the difference between the right of first refusal and the right of first offer is that the former requires the seller of the shares to inform in advance the other party in the contract about the number of shares it intends to sell and the conditions for sale, and the seller can only proceed to sell the shares it owns if the party having the right of first refusal turns down the offer.
Alain Robert, known as the "French Spider-Man," praised Alex Honnold as exceptionally well-prepared after the US climber completed a free solo ascent of Taipei 101 yesterday. Robert said Honnold's ascent of the 508m-tall skyscraper in just more than one-and-a-half hours without using safety ropes or equipment was a remarkable achievement. "This is my life," he said in an interview conducted in French, adding that he liked the feeling of being "on the edge of danger." The 63-year-old Frenchman climbed Taipei 101 using ropes in December 2004, taking about four hours to reach the top. On a one-to-10 scale of difficulty, Robert said Taipei 101
Nipah virus infection is to be officially listed as a category 5 notifiable infectious disease in Taiwan in March, while clinical treatment guidelines are being formulated, the Centers for Disease Control (CDC) said yesterday. With Nipah infections being reported in other countries and considering its relatively high fatality rate, the centers on Jan. 16 announced that it would be listed as a notifiable infectious disease to bolster the nation’s systematic early warning system and increase public awareness, the CDC said. Bangladesh reported four fatal cases last year in separate districts, with three linked to raw date palm sap consumption, CDC Epidemic Intelligence
Two Taiwanese prosecutors were questioned by Chinese security personnel at their hotel during a trip to China’s Henan Province this month, the Mainland Affairs Council (MAC) said yesterday. The officers had personal information on the prosecutors, including “when they were assigned to their posts, their work locations and job titles,” MAC Deputy Minister and spokesman Liang Wen-chieh (梁文傑) said. On top of asking about their agencies and positions, the officers also questioned the prosecutors about the Cross-Strait Joint Crime-Fighting and Judicial Mutual Assistance Agreement, a pact that serves as the framework for Taiwan-China cooperation on combating crime and providing judicial assistance, Liang
US climber Alex Honnold left Taiwan this morning a day after completing a free-solo ascent of Taipei 101, a feat that drew cheers from onlookers and gained widespread international attention. Honnold yesterday scaled the 101-story skyscraper without a rope or safety harness. The climb — the highest urban free-solo ascent ever attempted — took just more than 90 minutes and was streamed live on Netflix. It was covered by major international news outlets including CNN, the New York Times, the Guardian and the Wall Street Journal. As Honnold prepared to leave Taiwan today, he attracted a crowd when he and his wife, Sanni,
RSS