Following is a letter sent to the Financial Times:
Dear Sir/Madam,
There is not much to have to work out regarding his next steps ("Hong Kong speculates on Li's newspaper aspirations" Financial Times January 12, 2006). Here is a person who used his family name, maybe family money certainly connections, to overpay for a telecom asset and, when he destroyed a significant amount of shareholder value, began looking around for another plaything and the press usually is a fun toy to have.
Shareholders should upgrade on Chairman and CEO and find someone who has credibility, experience and track record for the position.
With all due respect to the Li family name, even his daddy should understand that shareholders are tired of financing his son's fun.
Onésimo Alvarez-Moro
See article:
As a man who made his name in the business of television broadcasting, reports that Richard Li, son of Li Ka-shing, Hong Kong's richest man, is considering buying a newspaper - the Hong Kong Economic Journal (HKEJ) - are hardly surprising.
Mr Li has long said he wanted a local partner in the media to provide content for his company PCCW, Hong Kong's largest telephone operator.
But his plans to pay between HK$200m (US$26m) and HK$250m to buy the HKEJ, as reported in the Hong Kong media over the past week, have puzzledanalysts.
One of the territory's smallest, albeit most reputable, financial dailies, the paper would seem to provide few commercial synergies for PCCW because thecompany could more easily and cheaply buy content from newspapers directly.
See full Article (paid subscription required).
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