Anger At Thai Tycoon's Media Bid.

[udon]

Anger at Thai tycoon's media bid

Rights groups have expressed their fears that a media baron's attempts to buy into two of Thailand's major newspapers will erode press freedom.

Paiboon Damrongchaitham, head of the huge GMM Grammy group, announced plans to buy a stake in Matichon and the Bangkok Post earlier this week.

Mr Paiboon is close to Prime Minister Thaksin Shinawatra, but has denied any political motivation in his decision.

Hundreds of Thai journalists reportedly wore black on Thursday in protest.

Mr Thaksin is widely accused of trying to curb the Thai press, and companies associated with his family have already acquired several television and radio stations, including iTV, Thailand's only private television station.

Both the newspapers Mr Paiboon intends to buy into - the Thai-language Matichon and Post Publishing, owner of the English language Bangkok Post - currently face libel suits from government agencies or companies linked to ministers.

Mr Paiboon has denied buying into the newspapers to aid Mr Thaksin.

"I will not get involved [in the newspapers' operations] or change any editorial policies," Mr Paiboon told a press conference on Tuesday.

"I will not send any of my men to be board members, even if that's hard to believe," he added.

But his critics remain unconvinced.

"Independence is being and will be compromised," said Roby Alampay, who heads the Bangkok-based South East Asian Press Alliance.

"When you look at the context... the intertwined interests and relationships between business and politics and government in Thailand has long been leading up to developments like this," he said on Thursday.

Darunee Hiranrak, president of the Thai Chamber of Commerce University, told the French news agency AFP that although the takeover was legal, the company still needed to answer questions about whether it was ethical and transparent.

GMM Grammy is Thailand's largest entertainment company, owning 12 radio stations as well as television and radio production firms and several magazines.

Mr Paiboon made headlines last year when he helped Mr Thaksin in his attempt to buy the English premiership football club Liverpool.

The deal came to nothing, but highlighted the close links between the two men.

Story from BBC NEWS:

http://news.bbc.co.uk/go/pr/fr/-/1/hi/worl...fic/4248900.stm

Published: 2005/09/15 12:41:21 GMT

© BBC MMV

[sriracha john]

MEDIA TAKEOVER: Bids look like iTV saga all over again

Published on September 16, 2005

Pundits fear that history will repeat itself if newspapers are swallowed up. To former iTV reporter Suwanna Uyanunt, the promises given to the Matichon Group to relax its resistance to the controversial takeover bid sounded like deja vu – no editorial interference, no meddling with management and no change in the company structure.

“We were given exactly the same promises by those who took over iTV [four years ago],” recalled Suwanna. “Look at what has happened today. The channel no longer enjoys public trust as a free media outlet. Matichon’s credibility could be destroyed by a few billion baht. So do whatever you can now. Don’t just wait and waste your time arguing and negotiating.”

Suwanna, who still moves in television circles, showed up at the Thai Journalists’ Association (TJA) yesterday, as hundreds of media members and supporters gathered to show solidarity with Matichon and the Bangkok Post in their struggle against hostile takeover bids by GMM Grammy. Many appeared dressed in black to show their opposition against the takeover move.

The iTV fiasco also haunts social activist Pibhop Dhongchai. He said the takeover war reminded him of the time when Siam Commercial Bank (SCB), a major iTV shareholder, was offered a “bail-out” package by Shin Corp.

“I’m afraid history may be repeating itself,” he said. “Now Grammy has taken loans from SCB to buy Matichon. Who knows if there will be another major business group to take over Matichon in case its business becomes shaky in the future? And who in this country would have that much money at hand to spend?”

Jade Donawanik, dean of Siam University’s Faculty of Law, added that whoever owned a large number of print media outlets would have powerful bargaining power in politics. He cited Article 87 of the Constitution: “The State shall encourage a free economic system through market forces, ensure and supervise fair competition, protect consumers and prevent direct and indirect monopolies.”

[udon]

Nice one, John.

Thanks.

[Heng]

Anger at Thai tycoon's media bid

.....Matichon and the Bangkok Post earlier this week.

(yawn) No one forced them to take their companies public. If you don't want to get taken over, don't put your shares on the open market where everyone has a right to purchase.

[udon]

Anger at Thai tycoon's media bid

.....Matichon and the Bangkok Post earlier this week.

(yawn) No one forced them to take their companies public. If you don't want to get taken over, don't put your shares on the open market where everyone has a right to purchase.

<{POST_SNAPBACK}>

Hey! Don't shoot the messenger.

[Heng]

Anger at Thai tycoon's media bid

.....Matichon and the Bangkok Post earlier this week.

(yawn) No one forced them to take their companies public. If you don't want to get taken over, don't put your shares on the open market where everyone has a right to purchase.

Hey! Don't shoot the messenger.

My yawn was directed at all who are angry with an open market business transaction. *slips the messenger a crisp 20*

[chownah]

Anger at Thai tycoon's media bid

.....Matichon and the Bangkok Post earlier this week.

(yawn) No one forced them to take their companies public. If you don't want to get taken over, don't put your shares on the open market where everyone has a right to purchase.

<{POST_SNAPBACK}>

Hey! Don't shoot the messenger.

<{POST_SNAPBACK}>

My yawn was directed at all who are angry with an open market business transaction. *slips the messenger a crisp 20*

<{POST_SNAPBACK}>

I'm not angry about what is happening in Thailand....but let me just say that your comments display a lack of understanding of money and politics in the real world.

[TokyoT]

Anger at Thai tycoon's media bid

.....Matichon and the Bangkok Post earlier this week.

(yawn) No one forced them to take their companies public. If you don't want to get taken over, don't put your shares on the open market where everyone has a right to purchase.

<{POST_SNAPBACK}>

Hey! Don't shoot the messenger.

<{POST_SNAPBACK}>

My yawn was directed at all who are angry with an open market business transaction. *slips the messenger a crisp 20*

<{POST_SNAPBACK}>

Please note that “open market” and/or “free market” does not mean there are no rules that should be followed and that anyone with enough cash has the right to purchase anything they want. The “rules” that are in place in various “free markets” around the world are typically in place to help protect the “general good” of the public. And IMHO having all of the media in a country controlled by one group of people is not in the best interest of the people of said country.

If Thailand really had an open market than us farang could buy 100% of ANY Thai company - open market this is not.

[sriracha john]

Thai newspaper fight with PM's ally turns ugly

16 September 2005

BANGKOK: A fight for ownership of Thailand's most-respected newspaper turned ugly today as critics urged a boycott of a music giant which has launched what they say is a politically motivated takeover bid.

Entertainment industry baron Paiboon Damrongchaitham denies he is acting for his friend Prime Minister Thaksin Shinawatra, a tycoon-turned-politician, but his bid for leading Thai-language political daily Matichon set off a storm of outrage.

The aim of the takeover bid, critics contend, is to snuff out Matichon's investigative reporting of the Thaksin government, which has often been accused of working hard to defang Thailand's lively newspapers.

"Do not worry about media freedom. You can write both negative and positive news, so long as it is based on fact," said Paiboon, the head of GMM Grammy PCL.

But newspapers and political activists, as well as Matichon itself, appear to have decided this is a major battle for press freedom and are gearing up for a tough fight.

"If you don't stop buying Matichon shares, society must shun your goods," said Suriyasai Katasila of the Campaign for Popular Democracy, calling for a boycott of Grammy products.

Kanchai Boonpan, founder of Matichon, hit back with his own bid for shares in the parent company of the 28-year-old daily to fend off the unsolicited takeover, which one poll suggested stirred widespread fears for the press.

The Assumption University poll showed that 73 per cent of the 1547 people it interviewed in and around Bangkok believed politics was behind Paiboon's bid for Matichon, which has been a constant thorn in Thaksin's side.

But shares in Matichon PCL jumped more than 10 per cent, with investors eyeing a rare bidding war in a country where companies tend to avoid confrontation.

However, shares in GMM Grammy fell nearly 15 per cent after the call for a boycott of the company's CDs or cassettes.

Media watchdogs and employees are also fearful, even though Paiboon has denied acting on anybody's behalf and said he would not interfere in editorial operations.

The Nation newspaper was unconvinced – despite Paiboon also buying a big chunk of the Bangkok Post, its rival English-language newspaper that two state firms are suing for libel over a story the paper admitted in print was wrong.

"When a big corporation with suspected backup from political bigwigs tries to gobble up a respected newspaper, the public and civil-society organisations must not stay idle," it said in a front page editorial.

GMM Grammy subsidiary GMM Media PCL told the stock exchange on Tuesday it had bought 32.23 per cent of Matichon and 23.6 per cent of Post Publishing PCL, publisher of the Bangkok Post and the Thai-language Post Today.

Under stock exchange rules, GMM Media, which has unveiled a $66 million war chest, must launch a full bid for rest of Matichon. Kanchai and his associates hold around 30 per cent, suggesting 40 per cent of Matichon share capital is up for grabs.

Editor-in-chief Pongsak Payakvichian said "one leading bank" and several major corporate figures had lined up to provide financial support, although in such a high-stakes political game it is unclear what will materialise.

[sriracha john]

and now.... the open market business transactions are cancelled:

Grammy, GMMM, Matichon suspended

GMM Grammy Plc, GMM Media Plc (GMMM) and Matichon Plc were all suspended from trading this morning, following the ongoing discussion between both parties over the future direction of the publishing company.

The Stock Exchange of Thailand said in the statement that the management team of GMMM and the shareholders of MATI are in negotiation which are expected to be finished by today.

"In this case, this may affect the trading of thier securities. Therefore, the SET has temporarily suspended trading of MATI , GMMM and GRAMMY securities, effective from September 16, until the companies have disclosed all material information to the SET," the exchange said.

[samran]

thailand needs cross media ownersip laws.

[sriracha john]

Anger at Thai tycoon's media bid

.....Matichon and the Bangkok Post earlier this week.

(yawn) No one forced them to take their companies public. If you don't want to get taken over, don't put your shares on the open market where everyone has a right to purchase.

<{POST_SNAPBACK}>

Hey! Don't shoot the messenger.

<{POST_SNAPBACK}>

My yawn was directed at all who are angry with an open market business transaction. *slips the messenger a crisp 20*

<{POST_SNAPBACK}>

I'm not angry about what is happening in Thailand....but let me just say that your comments display a lack of understanding of money and politics in the real world.

<{POST_SNAPBACK}>

Guess that's what separates the REALLY big money players in Thailand... some don't... and some do

(even when those that do STILL give bullcrap answers):

Thai Gives Up Newspaper Takeover Attempt

BANGKOK, Thailand -- A business tycoon close to Thailand's prime minister on Friday abandoned an attempted takeover of a major Thai newspaper after critics protested that his acquisition threatened freedom of the press.

Paiboon Damrongchaitham, head of the Grammy entertainment conglomerate, had announced Tuesday that his group had acquired just over 32 percent of the shares in Matichon, giving it the largest single stake.

The news raised widespread concern, especially among journalists, as rumors circulated that Paiboon was acting on behalf of Prime Minister Thaksin Shinawatra, who is hostile to press criticism. Paiboon and his company have close business and personal ties with the Thaksin government.

In a joint statement issued late Friday, Grammy said it will cut its stake in Matichon to a maximum of 20 percent, and will sell the remaining shares to Matichon's chairman and founder, Khanchai Boonpan, who holds the second biggest stake after Grammy.

Grammy will, however, secure a seat on Matichon's board, although the timing of this hasn't yet been decided, the two companies said in a statement.

Grammy Chief Operating Officer Sumeth Damrongchaitham, also Paiboon's nephew, said the group wanted a good working relationship with the publisher.

"The reason that we dropped the (takeover) bid wasn't the social opposition to the deal. It's that if we are going to be part of a company, we need to coexist happily with existing shareholders," Sumeth said at a joint press conference late Friday.

The minority holding would be sufficient for the company's purposes, he said.

"We have operations in entertainment, and now we have some exposure to the news business. There could still be some synergy," Sumeth said.

Matichon's current management had vowed to oppose the takeover, which had raised the specter of a bidding war for the remaining shares in the publisher.

The Stock Exchange of Thailand on Friday morning suspended trading in shares of Matichon PCL, GMM Media PCL -- the entity which acquired the Matichon shares -- and GMM Media's parent company, GMM Grammy PCL, because of negotiations over the deal.

After days of protests by journalists, civic leaders and activists, Matichon's executives and supporters urged stockholders on Thursday to resist the takeover attempt, describing the acquisition as inimical to press freedom.

Prime Minister Thaksin's relations with independent media have been strained by alleged manipulation of news coverage, cancellation of critical television and radio commentary shows, and through takeovers of media companies by his political and business allies.

Matichon is the most popular serious broadsheet and generally takes a liberal political line. The group also has several other publications, including the popular mass market daily Khao Sod.

[udon]

Well Hing, I guess this thought never entered your tiny little head .....

The aim of the takeover bid, critics contend, is to snuff out Matichon's investigative reporting of the Thaksin government, which has often been accused of working hard to defang(?) Thailand's lively newspapers.

Enjoy real news, for a while, anyway.....

[plachon]

Well Hing, I guess this thought never entered your tiny little head .....   

The aim of the takeover bid, critics contend, is to snuff out Matichon's investigative reporting of the Thaksin government, which has often been accused of working hard to defang(?) Thailand's lively newspapers.

Enjoy real news, for a while, anyway.....

<{POST_SNAPBACK}>

Hey, don't blame Heng (or any other member, wannabe or not, of the "Samacha Khon Ruay") for saying what he feels. After all, it should be the right of Thaksin and his entourage to buy what they want, when they want from who they want. He made this point v. clear when he tried to take over Liverpool FC with the nation's dosh. Now wait a minute...........didn't Grammy have a go for that as well, when Thaksin's "other's money" bid failed to win support at home and abroad (esp. Liverpool)? And where's that bid now? Maybe this free market economy game isn't as bad as it seems.....

[Heng]

Well Hing, I guess this thought never entered your tiny little head .....   

The aim of the takeover bid, critics contend, is to snuff out Matichon's investigative reporting of the Thaksin government, which has often been accused of working hard to defang(?) Thailand's lively newspapers.

Enjoy real news, for a while, anyway.....

As the saying goes... there's more than one way to hire someone to skin a cat for you.

[Heng]

Please note that “open market” and/or “free market” does not mean there are no rules that should be followed and that anyone with enough cash has the right to purchase anything they want.  The “rules” that are in place in various “free markets” around the world are typically in place to help protect the “general good” of the public.  And IMHO having all of the media in a country controlled by one group of people is not in the best interest of the people of said country. 

If Thailand really had an open market than us farang could buy 100% of ANY Thai company - open market this is not.

Note that I meant "open market" in terms of those who had the right and/or means to participate in it.