Next Media Ltd has agreed to sell its print and television businesses in Taiwan to a consortium in a deal valued at NT$17.5 billion or about $601 million.

Company spokesman Mark Simon said that the company will sell the print business to four investors including Want Want Chinatimes Group President Tsai Shao-Chung, William Wong of the Formosa Plastics Group, Chinatrust Charity Foundation Chairman Jeffrey Koo Jr. and Lee Shih-tsung, who is the Chairman of Lung Yen Life Service Corp. Chairman Lee Shih-tsung.

Next Media is controlled by Hong Kong mogul Jimmy Lai, who is often with odds with the Chinese government, has planned to exit from all Taiwan businesses after he struggled to get licenses and distribution rights.

Simon also said that the company will release detailed information including details of each deal today. A Next Media publication called, Apple Daily Taiwan has reported the deal earlier in the day and was confirmed by the spokesperson. Next Media has recorded two annual losses party due to its troubled Taiwan television and multimedia unit and it is expected to record heavy losses in the year six months of the year.

Taiwan has been ruled separately from China since 1949 and relations between the two have improved significantly in recent times since Taiwan President Ma Ying-jeou took charge and focused on economic relationship instead of emphasizing on the demand for independence.