The National Communications Commission (NCC) said yesterday the China Times Group (中時集團) had to secure its approval before the media group could sell its shares in two TV stations — China Television Co (CTV, 中視) and CTI TV (中天電視) — to Want Want Group (旺旺集團) chairman Tsai Eng-meng (蔡衍明).
Tsai announced on Tuesday that he would buy the financially troubled media syndicate for an unspecified amount. The group’s Want Want China Holdings Ltd (中國旺旺控股) said in a statement on its Web site that the deal would be a “personal investment by the Tsai family.”
The NCC said that regulations stipulate that CTV, as a broadcasting station, cannot accept funding from any Chinese or foreign investor. Political parties, the government and the military are also prohibited from holding a stake in the station.
As for CTI, a cable TV service, overseas investors can directly own less than 50 percent of its shares.
The NCC said it would issue a notification to the Financial Supervisory Commission and other government agencies to run background checks on the buyer and review his qualifications.
The NCC may also summon Tsai to brief the commission on the source of funding for the purchase.
As of yesterday, the NCC had yet to receive an application from the China Times Group about the purchase plan.
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