You will be redirected back to your article in seconds

New Bids Emerge for Taiwan’s Eastern Broadcasting After End of Dan Mintz Offer

U.S. investment giant, Carlyle Group may have found a new buyer for Taiwan cable-TV group Eastern Broadcasting Corporation following the end of a bid by China- and U.S.-based businessman Dan Mintz.

Taiwan Optical Platform, a Taipei listed cable operator and media investor, has offered to pay $351 million (NT$11.1 billion) to buy EBC. That comprises the 61% stake that Carlyle is selling, and an additional 4% from EBC staff.

Mintz (“Iron Man 3,” “Looper,” “Transcendence”) offered $600 million for the company in December last year. The bid was subject to review by Taiwan’s National Communications Commission and the island’s Investment Commission, with special scrutiny due to concerns that Mainland Chinese investors could be involved.

Mintz had been at pains to stress that the bid was being made by his private U.S.-based operations, rather than Yinji Entertainment & Media, his Shenzhen-listed group of companies that are also known as DMG-Yinji.

Sources at DMG confirmed that the company’s bid was not going forward. Taiwanese media reports say that DMG withdrew its bid two weeks ago. Contacted by Variety, Carlyle offered no comment.

In a regulatory filing Monday, Taiwan Optical said that its offer has not yet been accepted and that any offer would be subject to regulatory scrutiny, in particular under a draft anti-monopoly law that has not yet been approved by legislators.

Taiwan Optical used the same filing to say that it would fund any eventual acquisition through a mix of debt and its own financial resources.

The price announced by Taiwan Optical is some 40% lower than the original bid made by Mintz for the entire EBC operation, and 2% lower pro rata than an adjusted $490 million offer made by Mintz.

That may reflect the declining value of cable operators in the face of growing competition from the Internet and over-the-top (OTT) players. Equally, other cable firms may not perceive the same value within EBC’s content library that Mintz had calculated.

“EBC offers tremendous growth opportunities in digital, Mandarin-language content, premium content creation and distribution, which will become the anchor platform for ongoing global expansion of Mintz’s businesses,” said a Mintz statement last year.

Sources close to Mintz say that he continues to have a dream of a multinational Mandarin-language content platform. And that he is now exploring other options.

The bid by Taiwan Optical will be subject to approval by both the Investment Commission and the Fair Trade Commission as it would also represent consolidation of the cable TV sector. Taiwan Optical is Taiwan’s fifth largest MSO.

Its bid, which will remain on the table until March, may also face a challenge from Eastern Media International, the investment company that in 2006 sold its EBC stake to Carlyle. Eastern Media, which still holds 21.5% of EBC, says that it has a priority position in any EBC takeover and that it has been raising finance to make a full takeover of the Carlyle stake.

More Biz

  • Hipgnosis Acquires Catalog From Jeff Bhasker

    Hipgnosis Acquires Catalog From Bruno Mars-Harry Styles Collaborator Jeff Bhasker

    Hipgnosis Songs Fund has acquired a music catalog from five-time Grammy-winning producer, songwriter and musician Jeff Bhasker. Terms of the deal were not announced, but Bhasker has worked extensively with such artists as Mark Ronson and Bruno Mars (on “Uptown Funk” and Mars’ “Unorthodox Jukebox” album), Kanye West (“808s & Heartbreak” and “My Beautiful Dark Twisted [...]

  • Kasi LemmonsNew York Women in Film

    Kasi Lemmons, Jane Rosenthal, Ann Dowd Talk Golden Globes Female Director Snub

    The absence of women among director nominees for the Golden Globes is another example of how much work remains to be done to achieve gender parity in the entertainment industry, honorees said Tuesday night at the 40th annual Muse Awards presented by New York Women in Film and Television. “Harriet” director Kasi Lemmons, “The Irishman” [...]

  • Juice WRLD - Jarad HigginsWireless Festival,

    Juice Wrld Streams Climb Nearly 500% After His Death

    As often happens after an unexpected death, Juice Wrld’s music soared in popularity after his passing on Sunday, with streams climbing nearly 500% on that day alone. On-demand audio streams for the rapper, who died at the age of 21 after suffering a seizure at Chicago’s Midway Airport, climbed 487% on Sunday to more than [...]

  • Netflix headquarters in Los Gatos, California,

    Netflix Ordered to Stop Poaching Fox Employees

    A court on Tuesday issued an injunction barring Netflix from poaching employees from Fox and confirming the validity of fixed-term employment agreements. The ruling marks a hard-fought victory for Fox — now owned by Disney — which set out three years ago to stop Netflix from raiding its employees. Netflix had sought to invalidate Fox’s [...]

  • Harry Styles performs at the Greek

    First Look at Harry Styles' Ticket-Giveaway Bus (EXCLUSIVE)

    Harry Styles announced Tuesday he is partnering with American Express to give away tickets to his concert at the Forum in Los Angeles on Friday — on a special custom bus. At the show, “Harry Styles Fine Line Live: One Night Only!,” the singer is expected to perform his entire new album, which is also [...]

  • Weeknd

    The Weeknd Takes Top Two Spots on Rolling Stone Singles Chart

    Fighting off a seasonal surge from Mariah Carey’s “All I Want for Christmas Is You,” The Weeknd’s two new singles topped the Rolling Stone Top 100 songs chart this week. “Heartless” and “Blinding Lights,” both of which dropped last week, rocketed to No. 1 and 2 respectively with more than 40 million streams between them. [...]

  • The Olympic Rings adorn an event

    NBCUniversal Expects More Than $1.2 Billion in Ads for Tokyo Olympics

    Madison Avenue is rushing to get money down in NBCUniversal’s broadcast of the 2020 Olympics from Tokyo, the latest big TV-sports event to spark heavier demand from advertisers at a time when finding truly big media audiences has grown more difficult. NBCUniversal said it is on track to take in more than the $1.2 billion [...]

More From Our Brands

Access exclusive content