Macquarie Eyes South Korean TV

A consortium led by Macquarie Bank's South Korean private equity arm and domestic fund MBK Partners is understood to be buying a 30% stake in South Korean cable TV group C&M for US$650 million.

A Financial Times report cites unnamed sources as saying that Macquarie Korea Fund has signed a preliminary deal to buy the stake from Goldman Sachs and has agreed to a follow-on deal to hold the stake jointly with MBK.

Macquarie and MBK are also hoping to purchase the remaining 70% stake from Lee Min-joo, C&M's chairman, and other shareholders, the report added.

Both bidders already have interests in the cable TV sector. MBK owns Taiwan's China Network Systems, while Macquarie Media Group and Macquarie Bank own Taiwan Broadband Communications.

Goldman Sachs bought its stake in C&M for about US$148m in 2004.