HK mogul apologizes for failure of TV firm
Source: Agencies |
October 3, 2012, Wednesday
|
Print Edition
Print Edition
HONG Kong media mogul Jimmy Lai is to sell his prized Taiwan television business, best known for its fanciful animated takes on political and celebrity scandals, because of big financial losses. In a brief letter to employees of his Next Media Group, Lai apologized for his "failure" in running Next TV.
It has incurred losses of over US$340 million since it was founded in Taipei three years ago, says Next Media's Apple Daily newspaper.
The group's television unit and an affiliated company will lay off 500 employees as part of the sale to Lien Tai-sheng, owner of Taiwan's Era Television, according to Apple.
Apple Editor-in-Chief Ma Wei-min blamed the TV business's heavy losses on Taiwan's "complicated" political and commercial environment
It was also reportedly blocked from being picked up by cable TV networks, restricting its advertising revenue.
Like the Next Media group's newspaper and its weekly magazine, Next TV is best known for its coverage of scantily clad starlets, its paparazzi-generated entertainment news, and its racy reports of corruption and scandals among politicians and celebrities.
Next TV first attracted international attention with its computer-enhanced animated news featurettes, a Lai brainchild introduced in 2009.
The clips offer fanciful interpretations of cutting-edge news events, and made arguably their biggest splash in November 2009, when one depicting golf superstar Tiger Woods arguing with his wife over an extramarital affair went viral on the Internet.
It has incurred losses of over US$340 million since it was founded in Taipei three years ago, says Next Media's Apple Daily newspaper.
The group's television unit and an affiliated company will lay off 500 employees as part of the sale to Lien Tai-sheng, owner of Taiwan's Era Television, according to Apple.
Apple Editor-in-Chief Ma Wei-min blamed the TV business's heavy losses on Taiwan's "complicated" political and commercial environment
It was also reportedly blocked from being picked up by cable TV networks, restricting its advertising revenue.
Like the Next Media group's newspaper and its weekly magazine, Next TV is best known for its coverage of scantily clad starlets, its paparazzi-generated entertainment news, and its racy reports of corruption and scandals among politicians and celebrities.
Next TV first attracted international attention with its computer-enhanced animated news featurettes, a Lai brainchild introduced in 2009.
The clips offer fanciful interpretations of cutting-edge news events, and made arguably their biggest splash in November 2009, when one depicting golf superstar Tiger Woods arguing with his wife over an extramarital affair went viral on the Internet.
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