Jimmy Lai offloads magazines including Next in HK$500m deal

Business | 17 Jul 2017 5:37 pm

Apple Daily publisher Next Digital (0282) owned by Jimmy Lai said today it has agreed to sell Next Magazine, Sudden Weekly, Face, and ME! and Next+One in a HK$500 million deal to W Brothers Investment, owned by Kenneth Wee,the former owner of free newspaper Metro Daily.

The terms of the disposal are still subject to further discussion and negotiation, the chief executive of Next Digital, Cassian Cheung Ka-sing announced. He said HK$320 million will be paid to Next Digital and HK$180 million will be invested in the magazine businesses.

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