Taiwanese snack maker Want Want Group to buy stake in China Network Systems

The report goes on to mention the transaction will mark the largest cable TV deal in Asia. 

Special assistant to GM at Want Want Chao Yu-pei confirmed the agreement and said CNS is to acquire a 60 per cent stake in CNS from private equity group MBK Partners. MBK acquired its stake for approximately US$1.5 billion in 2007. 

The deal is subject to regulatory approval as a number of cross-border mergers and acquisitions deals have recently been held up or blocked, according to the report.

The acquisitionWant Want chairman Tsai Eng-meng's expanding media portfolio in Asia, including Taiwan's China Times Group and shares in Hong Kong's Asia Television.