The Edge Media Group (TEMG) has acquired the popular news portal The Malaysian Insider (TMI).
TEMG publisher and group CEO Ho Kay Tat says the purchase of TMI is expected to enhance TEMG's presence and reach in the digital media space. The website has the second highest traffic among the pure digital local news portals in Malaysia, said TEMG. Both companies have declined to reveal the cost of the deal.
According to the Malaysian Digital Association (MDA)/Comscore statistics for April, 2014, TMI's unique page views stood at 789,000, while the no 1 independent news site www.malaysiakini.com was 897,000. In Oct, 2013 TMI's unique visitors was 693,000, a spokesperson told A+M.
According to the The Malay Mail Online, the staff members of The Malaysian Insider were informed that no changes will be made to the company’s existing management and structure. However, due to the new ownership, all employees will need to resign from TMIDOTCOM Sdn Bhd that operates the site and sign on with The Edge Media Group, said the article by The Malay Mail.
“As part of The Edge Media Group, we will have synergy with various units in The Edge family to further improve and expand The Malaysian Insider’s brand and coverage,” Jahabar Sadiq, CEO & editor of TMI said in the email. Sadiq will continue to lead the TMI editorial team.
“As an integrated regional media group we are always looking for opportunities to diversify our media platforms and we are happy to now have The Malaysian Insider as part of our portfolio,” says Ho.
In Malaysia, TEMG has both print and digital titles - The Edge business and investment weekly, The Edge Financial Daily, Personal Money and the websites www.theedgemalaysia.com, www.theedgeproperty.com and www.fz.com. Outside of Malaysia, it has The Edge print weekly in Singapore and its website www.theedgesingapore.com.
Last year, TEMG launched its digital regional weekly news magazine The Edge Review online. The Edge Review reports on socio-economic and political developments in southeast Asia.
“The purchase of TMI follows that of our purchase of a minority stake in the business radio station BFM in 2013, “ said Ho. “ Our decision to invest in BFM and now to buy TMI was also driven by the fact that we share the same vision and editorial values to promote fairness, moderation and inclusive socio-economic development.”
TEMG is independent of any political, racial or religious group, added Ho.
Sadiq said: “We welcome TEMG as our new shareholder and we welcome their commitment to the same ethos that has made The Malaysian Insider a credible news portal since our inception in February, 2008.”