Taiwan’s Wei family is set to take control of China Network Systems (CNS), one of Taiwan’s largest cable TV operators in a USD2.4 billion deal, Reuters reports. Current owner, private equity firm MBK Partners, acquired its 60% stake in 2007, and its previous attempts to offload the unit have been hamstrung by regulatory red-tape.
The Wei family is best known for controlling Hong Kong-listed noodle maker Tingyi Cayman Islands Holding Corp via its Ting Hsin International Group, but the group is diversifying into telecoms and media, and its 4G mobile division Taiwan Star Cellular officially launched its LTE network this week. A Ting Hsin International executive commented: ‘We hope to create an environment where 4G services and the cable TV business can work together. Digital convergence is the future for us.’
Taipei-based CNS, which was founded in 2001, also offers broadband internet via its hybrid fibre-coaxial (HFC) cable and fibre-to-the-x (FTTx) networks. While the company boasts more than one million cable TV users, its broadband user base has not been disclosed.