Reuters - Hot Stocks

UPDATE 1-Carlyle in new bid to exit Taiwan TV network stake -shareholder

* Plan marks new attempt by Carlyle to sell stake

* Price for 82 pct joint stake has to be reasonable -Eastern Media

* Eastern Media shares soar 10 pct limit up after news of plan (Recasts with details and more comments from Eastern Media)

By Faith Hung

TAIPEI, Aug 6 (Reuters) – U.S. private equity firm Carlyle Group is making a fresh bid to exit an investment in Taiwanese TV network Eastern Broadcasting, according to a shareholder, after a previous attempt failed on what sources said was a high asking price.

Carlyle, which owns a controlling 61 percent stake in the TV network, and Eastern Media International Corp, which owns 21.3 percent, plan to sell their entire stakes jointly, said Eastern Media, in a deal estimated worth at least T$ 20 billion ($ 650 million).

The private equity firm had earlier launched the sale of its stake in 2013, seeking as much as $ 700 million, two sources with knowledge of the matter had told Reuters. No buyer was found at that price.

The planned joint stake sale, which local media reported would be worth at least T$ 20 billion, would make it more attractive to potential buyers.

“We have been in touch with Carlyle,” Eastern Media Vice President Inna Cheng told Reuters by phone. “We’ll sell our stakes together, but the price has to be reasonable.”

She said so far no buyer has been found for the joint stakeholding.

Carlyle officials were not immediately available for comment.

Eastern Broadcasting has posted earnings of T$ 8-T$ 9 per share in 2013 and 2014, Cheng said.

Carlyle bought the controlling stake in the TV network for an undisclosed sum in 2006 from the ex-chairman of Eastern Media, in part because the island’s cable TV industry offered stable cash flow and advertising revenue, Cheng said.

The news of the planned joint stake sale sent Eastern Media stocks soaring by the daily limit of 10 percent on Thursday, beating the broad market’s 0.6 percent fall. (Reporting by Faith Hung; Editing by Muralikumar Anantharaman)


Reuters: Hot Stocks

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