Indonesia´s media group Media Nusantara Citra (MNC), has called off its bid to acquire, ANTV, the free-to-air television station owned by Bakrie Group’s Visi Media Asia due to disparity in valuation of the station.
According to MNC Group CEO Hary Tanoesoedibjo, the two sides could not meet on an agreed price as they remained far apart in terms of valuation. In June it was reported that MNC would have forked out USD 500 million in order to buy ANTV and the deal had already been agreed upon in principle.
This would come as a blow to the politically influential Bakrie Group which had hoped to use the money from the current sale to buy back its coal assets from London-listed Bumi Plc. MNC has a stake in broadcasting media, print media, radio, telecommunications, financial services, agencies and online shopping in Indonesia.
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