Taiwan Apple Online Finds New Owner for NT$1.5 billion

Taiwan’s Apple Online (蘋果新聞網) announced on its official website on Wednesday evening (May 8) the completion of its handover and the transfer of most of its employees who will remain in the company.

According to media reports, the announcement of the new chairman and executive chairman will come later, even though rumors said that 17Live’s founder Joseph Phua acquired the company in his name.

Phua has not yet confirmed the rumors, and sources close to the matter said that the total amount of the transaction is about NT$1.5 billion (US$50.6 million).

A source familiar with the deal added that Phua and Huang Hao, a businessman who reportedly showed interest in the Hong Kong Apple Daily, began talks in March.

Per a consensus reached during the discussions, Phua will likely be responsible for the operation of the Apple Daily in Taiwan in the future.

According to a statement released by Apple Online, the Hong Kong head office faced an unprecedented storm over the past year. Coupled with the freezing of Apple’s funds, this storm impacted the history of global journalism.

Apple Online added that Ip Yut-kin (葉一堅), the leader of “Apple” newspaper and the legal representative of the Taiwan branch, announced the news on Wednesday to employees following a first-level executives meeting, as Taiwan regulations require to disclose large number of layoffs 60 days in advance

Ip stressed that most staff members, including himself, can be transferred to the new structure in which he will serve as the honorary chairman. As for the chairman and executive chairman of the new proprietor, they will be announced to the public later, he added.