SCMP Group will spend $30 million to acquire the Hong Kong assets of Asia City Media Group, publisher of HK Magazine.
Rumours about a local acquisition have been rife for months, even forcing the publicly-listed SCMP to confirm to the stock exchange on 18 February that talks were in progress.
In a statement, SCMP Group said by July it will have acquired all the assets of Asia City Media Group in Hong Kong, including HK Magazine, Where Hong Kong, Where Chinese, and The List, as well as a number of tablet, mobile and web products.
Asia City is expected to manage its titles and businesses independently, but a board of directors comprising a number of SCMP Group senior executives have been appointed to support and oversee the overall business direction.
The recent pace of change at the SCMP has been nothing short of frantic, with new launches, closes and rejigging of its newspaper-inserted-titles like Family Post, Health Post and its Food, Wine and Lifestyle sections all being folded back into the main newspaper.
The groups latest launch was a stand-alone entertainment magazine called 48 Hours, which looks to compete directly with Asia City’s HK Magazine, particularly on the advertiser front.
Additionally Greg Crandall, who has been with Asia City Media Group for over 10 years, will continue in his position as country manager.
“We are a fast and innovative team with great brands and an extremely loyal readership,” Crandall said.
“This acquisition gives our company an even stronger position to grow and expand as we leverage the strength and resources of the SCMP.”
Last year the SCMP acquired the Hong Kong Chinese language edition of Elle from Hearst Corporation. Other products in the Asia City portfolio include the HK Magazine website, The List website, HK Magazine tablet app and the Happy Hour Finder app.