Self-confessed victim

Hong Kong-listed media company, Next Media Ltd, has confirmed it is in talks with failed Internet-only newspaper, The Tomorrow Times of Taiwan. The Tomorrow Times ceased operating from Wednesday, according to local media reports. The news service closed down, not able to find new funding and a self-confessed victim of a mistimed entry into the online media market. The newspaper reportedly has almost 300 employees. Reports from Taiwan suggested Next Media may be interested in acquiring The Tomorrow Times. Next Media issued a statement today to the Hong Kong Stock Exchange claiming it has not made such an agreement. "The company has negotiations with several parties in Taiwan," the statement read. "The Board would like to clarify that the company has not agreed to acquire 'Tomorrow Times' in Taiwan and no further negotiation would be made regarding acquisition of 'Tomorrow Times'." Next Media is planning to launch a new magazine in Taiwan later this year. The company has said it has offered possible employment for around 150 employees of The Tomorrow Times.