Eastern Media International Corporation (TSEC:2614) is bidding to buy The Carlyle Group LP (NasdaqGS:CG)'s entire 61% stake in Eastern Broadcasting Co., Ltd. which is worth around $240 million, two sources with direct knowledge of the matter said. Carlyle is expected to make a decision on the bid by the end of January 2014, the sources said. The valuation is substantially below Carlyle's expectations.

"They are asking for such a high price. It is just way too unreasonable...because it's not going to be easy to find a buyer willing to pay their price," said one of the sources. Carlyle id seeking as much as $700 million.

Carlyle is expected to take a decision on the bid by the end of January 2013, the sources added.