CONFIDENTIAL
FM HONG KONG
TO IMMEDIATE FCO
TELNO 1422
OF 031016Z SEPTEMBER 93
INFO IMMEDIATE PEKING
AB
CONFIDENTIAL
MKB 140/2
O SEP 1993
TV file
021366 MDHIAN 3675
10
RUPERT MURDOCH AND THE SCMP/WAH KIU YAT PO
1. THERE HAVE BEEN RUMOURS IN THE STOCK MARKET HERE ALL DAY TO THE EFFECT THAT RUPERT MURDOCH HAS AGREED TO SELL HIS STAKE IN THE SOUTH CHINA MORNING POST AND ITS CHINESE LANGUAGE SISTER PAPER THE WAH KIU YAT PO. THE RUMOURS ARE TRUE. THE KWOK FAMILY, WHICH OWNS A MAJOR STAKE IN OUR MAIN TELEVISION STATION (TVB), HAS AGREED TO PAY US DOLLARS 500 MILLION FOR MURDOCH'S SHARES. YOU MIGHT NOTE THAT THIS IS ABOUT THE AMOUNT MURDOCH WILL NEED TO BUY HIS STAKE IN STAR TV.
2. WE ARE LOOKING AT THE IMPLICATIONS OF THE SALE FOR THE EDITORIAL LINE OF THE TWO PAPERS. OUR INITIAL ASSESSMENT IS THAT IT WILL DO NOTHING TO ENHANCE THEIR INDEPENDENCE. THERE ARE NO REGULATORY IMPEDIMENTS TO THE SALE.
PATTEN
YYYY
ΜΑΙΝ
73
DISTRIBUTION
87
.HK COMMERCIAL GENERAL
ECONOMIC ADVISERS
HKD
PUSD
ERD
FED
JOINT DIRECTORATE
LEGAL ADVISERS//MS BROOKS
.AND MS BARRETT
NEWS D
PLANNERS
RAD
PS
PS/MR GOODLAD
PS/PUS
MR CROWE
SIR J COLES
MR HUM
MR MASEFIELD
MR BONE
MR MINGAY
PAGE
1
CONFIDENTIAL
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