Want Want Group, the Taiwanese snack maker, is in talks to buy the China Times Group, according to the president of the publishing company, Bloomberg reported Tuesday.

It is quite possible that a deal will be completed soon, while an official announcement “could be quite quick,” said Lin Sheng-fen, president of the China Times newspaper, in a phone interview with Bloomberg. According to the Economic Daily, Want Want intends to acquire China Times Group for NT$20.4 billion (US$619 million), although Lin did not confirm the price.

A memorandum has been signed for the planned transaction, including two television-channel operators, a weekly magazine, the China Times and the Commercial Times newspapers, the Economic Daily reported. Next Media Ltd., the Hong Kong-listed publisher, may pay up to NT$20 billion for China Times, according to the South China Morning Post on Oct. 31, Bloomberg reported.

“There's no clear strategic reason for Want Want to buy them, it may be that they're more comfortable with Want Want over Next Media. If Next doesn't close the deal, then it could be because of the price. It could be disappointing for Next if they don't get it,” said Vivek Couto, executive director of Hong Kong-based media consultancy Media Partners Asia Ltd., according to Bloomberg.

Next said it is in talks to expand its business in Taiwan with “no concrete plans,” according to an exchange filing Oct. 31, which neither confirmed nor denied its previous discussions with the China Times Group, Bloomberg reported.

CTi, China Times' TV arm, is fifth in Taiwan with an audience share of 11 percent. The group's news channel is ranked third while its variety channel was 10th out of around 20, according to Couto. Advertising revenue totaled $52 million last year, Bloomberg reported.

“The first thing they're going to have to do is see how they can cope with a Taiwan economy that's falling. They need to see if they can compete with Next, especially if they're not going to join them,” Couto added, according to Bloomberg.