13 Feb 2012

Sale of French Polynesia's two dailies in final phase

2:28 pm on 13 February 2012

The French media group Hersant is poised to sell its two daily newspapers in French Polynesia.

A top manager says negotiations are on track to complete the transfer of the Nouvelles de Tahiti and the Depeche de Tahiti to a senior local businessman, Albert Moux, who has been known for his interests in the energy sector.

The sale is expected to be completed at the end of this month or early next month.

Two other local businessmen are reported to be each buying a 10-percent stake.

Hersant has been disposing of overseas assets to reduce its debt.

Its French Polynesian branch has 166 employees.