Murdoch selling Fiji Times

Relevant offers

South Pacific

Tonga declares cyclone warning Two cyclones growing in Pacific PNG ferry survivors 'call from island' PNG ferry survivors battled to stay alive 126 missing, 246 saved after PNG ferry sinks Turmoil in Tonga over 'two-faced' McCully comment 7.1 earthquake shakes Vanuatu New Fiji storms kill man PNG mutiny leader released on bail Fiji fears new weather disaster

Fiji’s main daily newspaper, the Fiji Times, is up for sale following the military regime’s declaration of a media decree requiring all media outlets be owned 90 percent by locals.

The Times is wholly owned by Rupert Murdoch’s News Limited.

All Fiji media have been under martial law censorship for the last year but the Times has incurred the anger of coup leader Voreqe Bainimarama, in part by refusing to use his self-declared title of prime minister.

The Fiji Times today announced PricewaterhouseCoopers had called for expressions of interest from parties wanting to acquire News Limited's interests.

PWC has asked "interested parties must be able to provide evidence of their ability to meet the requirements of the Media Industry Development Decree 2010 and demonstrate financial capacity to make this acquisition".

Applicants must provide name and full contact details of the interested party or consortium, their brief corporate profile including details of directors and shareholders as well as their compliance with the media decree, latest audited financial statements, and acceptable bankers’ references.

It said after evaluation, shortlisted parties would be selected and required to enter into a confidentiality agreement, following which they would be issued with an information memorandum.

"Shortlisted parties will then be required to lodge indicative non-binding offers and following an assessment of the indicative offers, a limited number of prospective purchasers will be shortlisted and allowed time to conduct their due diligence."

It said PWC and News Ltd reserved the right to accept, reject or negotiate with any party that made a submission.

The offer closes on August 9.

- © Fairfax NZ News