Taiwanese tycoon Tsai Eng-meng has emerged as the frontrunner for media firm China Times Group after placing a higher bid than Hong Kong's Next Media, sources say.
Mr Tsai, the chairman of Hong Kong-listed snack maker Want Want China Holdings, bid at least 35 per cent more than another offer, sources said.
Next Media planned to bid for the assets excluding China Television at between NT$15 billion (HK$3.54 billion) and NT$20 billion, sources said.
'Mr Tsai has a deep pocket and he doesn't need the overseas listed company to finance the deal,' an industry source said.
'The final consideration should be much lower than that as the whole China Times Group bears debts.'
The indicated price for China Times was NT$20.4 billion, sources said. Its assets include flagship newspapers China Times and Commercial Times, gossip weekly China Times Weekly and two television networks, including terrestrial broadcaster China Television and cable channel broadcaster CTI.