Sing Tao looks towards The Peak

Hong Kong - Sing Tao Holdings has bought an 80% stake in Singapore Press Holdings Hong Kong operation, which will sees the local media group acquire a substantial stake in luxury lifestyle magazine The Peak Hong Kong. 

Ivan Tong, editor-in-chief for The Standard declined to comment on the price tag attached to the SPH Magazines acquisition.

However, he said that Sing Tao's business ranges from newspapers to magazine titles such as Sing Tao, Headline Daily, EastWeek, Jet and East Touch where most of them are in Chinese with the exception of The Standard,  adding that there is room to expand in the high-end lifestyle English magazine market.

"There is a lot of growth potential in the high end English lifestyle magazine in Hong Kong in terms of content and ad revenue for the group," Tong added.

Sing Tao Holdings will buy 80% of its stake in SPH Magazines through its wholly owned indirect subsidiary Magazines Incorporated.

According to a statement, the consideration will be 80% of the net asset value of the entire share capital and will be determined in the completion accounts to be finalised on or around 15 November.

After completion of the transaction, MIHK will continue to publish The Peak Hong Kong under a publishing licence arrangement with SPH Magazines.