Thai media mogul drops newspaper takeover attempt
Sunday, September 18, 2005
The head of GMM Grammy in Thailand has backed off from his attempts to take over the leading Thai newspaper, Matichon. In a statement on Friday, Mr Paiboon Damrongchaitham announced he would reduce his stake in the paper from 32% to 12%.
The attempted takeover has drawn widespread criticism from journalists, academics, and democracy activists. Mr Paiboon is known to be close to the Thai Prime Minister, Thaksin Shinawatra, and many argued his control of the well-respected paper would have a chilling effect on free speech in the country.
Despite announcing the planned sale of more than a third of his holding in the paper, Mr Paiboon will still have a sufficiently large share to command a place on the board. Academic, Anusorn Srikaew, the dean of Rangsit University's Faculty of Communication Arts, suggested that GMM Grammy's ambitions had just been shelved and that they would again increase their stake in the paper at some point in the future.
Thai political talk show taken off air, September 15, 2005
- "Takeover of Thai paper dropped" — , September 16, 2005
- Umesh Pandey & Nuntawun Polkumdee. "GMM Media at strategic crossroad" — , September 17, 2005
- "Matichon case seen as warning for society" — , September 18, 2005
- "Anger at Thai tycoon's media bid" — , September 15, 2005
| The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
Please note that this only applies to Wikinews content created prior to September 25, 2005. All content created after that date is released under a Creative Commons license which is mentioned at the bottom of each article. This is currently the Creative Commons Attribution 2.5 License.