Media Prima Digital has completed its RM105 million acquisition of REV Asia. The deal will incorporate REV Asia Holding’s portfolio into Media Prima’s integrated media platforms, in becoming the largest Malaysian digital media company.
The combined group is expected to reach close to 10 million visitors, which is the largest audience achieved by a Malaysian digital media company, said Media Prima. Patrick Grove, group CEO of Catcha Group said the rapid growth of digital consumption in Southeast Asia is an indication of the immense opportunity available, in which it also led to the company in identifying Media Prima Digital as a strategic partner in taking it to the next level.
"We always saw the potential for REV Asia Holdings to become a driving force in Malaysia’s digital media landscape. We had the right people leading the team, along with the right culture that allows them to remain nimble and agile in this competitive space. We see great opportunities for Media Prima Digital to take the company to even greater heights, moving even faster towards dominating the digital media landscape in Malaysia,” Grove said.
“We saw emerging trends across the world starting to move towards online media consumption and knew we had to moving our business model to focus on online media,” he added.
Meanwhile, earlier in May, Media Prima said its looking to grow its digital and non-traditional revenue streams through strategic business initiatives. Its group chairman Datuk Seri FD Iskandar said these new initiatives were created to enable new revenue streams and put the focus back into its advertising revenue. The inflow of revenue is set to come from various platforms including this recent acquisition of REV Asia.
Industry experts lauded the move saying it will influence other media groups in Malaysia to "re-strategise digitally" as well as put Media Prima at an advantage when connecting with younger audiences.