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Financial giant to acquire cable TV for NT$65 billion.
Fubon Group advances again in media acquisition.
In a presss conference yesterday,
Fubon Financial Holding's Chairman Tsai Ming-chung announced the acquisition of Kbro cable company through private investments.
Tsai: The deal is not 100% set.
Tsai: But we're heading in that direction.
Kbro is owned by the Carlyle Group.
It has 1.12 million subscribers.
It's Taiwan's biggest cable company, followed by CNS and TBC.
TFN Media, a part of Fubon, is in 4th place with 480 thousand subscribers.
In its effort to expand, Fubon has been actively talking to the Carlyle Group.
In Sep. '09, via Taiwan Mobile, Fubon offered the Carlyle Group NT$56.8 billion.
But the parent company, Fubon Financial, is owned largely by the Taipei City government.
It would've violated a law that forbids political parties, government agencies and the military from media operation.
The deal was blocked by the National Communications Commission.
Fubon Group has now raised their offer and with a different tactic.
The NT$65 billion will come from Tsai and his brother's private investments.
Fubon will hold 33.3% of the market share in cable TV operation, the largest in Taiwan.
Fubon will dominate not only the domestic financial sector,
but across telecommunications, networks and cable TV,
It will be the king of digital media.
Tsai: We're dedicated.
Tsai: We want to contribute to Taiwan's content industry.
The national Investment Commission approved the acquisition yesterday.
It is currently being evaluated by the National Communications Commission.