Macquarie Media Group is expanding into television, but not in Australia.

Since buying the assets of the RG Capital and DMG regionalRadio groups, and after a public float recently, Macquarie Media has been on the hunt for new media acquisitions, but it was widely thought this would be in Australia.

Today’s acquisition sends a signal that Macquarie considerd there is better media investment value elsewhere than currently in Australia.

Macquarie Media Group will acquire a stake in Taiwan television broadcaster Taiwan Broadband Communications (TBC), subject to regulatory approval.

Macquarie will pay $1,189 million for its stake in the company, which it is purchasing from the Carlyle Group, giving it access to both pay tv and internet customers.

The purchase price represents a multiple of 9.4 times earnings.