UPDATE 1-Far EasTone eyes cable TV business foray

* Company executive says interested in cable TV business

* Far EasTone talking to MBK on $1.85 bln deal - newspaper

* Shares up 0.54 pct, beating main board (Adds company exec comments, share movement)

TAIPEI, Sept 23 (Reuters) - Taiwan's third-largest telecommunications operator Far EasTone (4904.TW) said it is interested in expanding into the cable TV business, amid local media reports on Wednesday that the company is interested in MBK's pay TV business in Taiwan.

The telecom operator has talked to private equity firm MBK to express its willingness to buy its ownership in China Network Systems (CNS), a Taiwan cable TV operator, the Chinese-language Commercial Times reported.

"We are interested in moving into the sector, but it depends on the price," said Jeffey Gee, president of New Century InfoComm Tech, a Far EasTone unit, declining to give further details.

The newspaper quoted unidentified sources as saying that the move was aimed at competing with rival Taiwan Mobile (3045.TW), which struck a $1 billion deal with The Carlyle Group last week, creating Taiwan's largest pay-TV operator. [ID:nTP280376]

Gee's comments came after the Taiwan stock market closed on Wednesday. Far EasTone shares were up 0.54 percent, beating a 1.24 percent decline on the benchmark TAIEX share index .TWII.

Far EasTone Telecommunications talked with MBK Partners several months ago, and the Chinese-language paper said they were in advanced negotiations on the deal, worth up to T$60 billion ($1.85 billion).

However, unnamed Far Eastone officials said that was market speculation, and CNS officials said the company was in no rush to sell its stake, the paper said. (US$1=T$32.4) (Reporting by Baker Li and Kelvin Soh; Editing by Chris Lewis)