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Taiwan's China Times publisher changes ownership

(Xinhua)
Updated: 2008-11-06 13:32

Taiwan's largest media syndicate, the China Times Group, said in a statement on Wednesday that the group had been sold to Tsai Eng-meng, chairman of the food group Want Want.

Tsai and his family bought the group for 20.4 billion new Taiwan dollars ($624 million), according to local media reports.

The purchase agreement specifies that the group will retain its name and there will be no staff cuts.

With a history of 58 years, the Times is one of the most influential newspapers on the island, and it has expanded in recent years.

The group owns the Chinese-language China Times and Commercial Times, the China Times Weekly and the CTI TV and China Television Co networks. Its publishing house and travel agency won't be sold.