SET-listed Nation Multimedia Group Plc (NMG) yesterday filed a lawsuit with the Administrative Court against the national broadcasting regulator in its latest effort to thwart what it alleges is a hostile takeover bid by a group of investors led by News Network Corporation (NEWS).
NMG has brought a malfeasance lawsuit against the National Broadcasting and Telecommunications Commission (NBTC) over its recent split-vote that a 12.27% stake purchase in NMG by News Network, formerly called Solution Corner (1998), did not violate digital TV-related rules.
The NBTC's recent auction rules for digital TV bar digital TV operators from holding more than 10% in others in the same category in a bid to block media monopoly, but the broadcasting commission remains indecisive on whether the auction rules apply in this case.
The dispute between News Network and NMG executives flared up late last year.
NMG accused Chai Bunnag, a former shareholder of News Network, of being behind the acquisition.
NMG has two digital TV channels, Nation TV and Now 26, while News Network runs the Spring News channel.
Adisak Limparungpattanakij, president of Nation Broadcasting Corporation Plc, which is 71.26% owned by NMG, said NMG had requested the court to revoke the voting results of the NBTC broadcasting panel.
It has also sought a court ruling to order News Network to reduce its stake in NMG to below 10%.