Star Media Group will further expand on its digital plans revolving around its Star Online news portal, as it continues with its transformation exercise, as well as cut cost and improve operating margins. According to The Star, this is in a bid to grow shareholder’s value.
Its MD and CEO Datuk Seri Wong Chun Wai (pictured) said the company is constantly seeking new investment opportunities in the media and non-media segments. He added that the recent election and next month’s FIFA World Cup would serve as “catalysts” for the company’s advertising expenditure growth in the media sector for 2018. Wong also said that the company is placing consumers at the heart of its transformation and its new organisational structure will be built around the transformation.
A+M has reached out to Star Media Group for comment.
According to chairman Datuk Fu Ah Kiow, there will be no internal changes to the company’s operations as it is a public-listed company, despite the opposition’s victory in the recent 14th Malaysian general election. Political party Malaysian Chinese Association, which is part of UMNO, has a 42.46% stake in Star Media Group.
Star Media Group posted a net profit of RM87.44mil for the financial year ended 31 December 2017. Its print and digital segment recorded an 18.3% decrease in revenue to RM37.75 million, due to poor consumer and business sentiment.