Next Media downsizes, intends to rename as Next Digital

In further disruption of Hong Kong's traditional media sector, Next Media has announced plans to cease Sudden Weekly and merge ME! and Eat and Travel Weekly with Next Magazine. The downsizing will be a layoff of relevant employees and is expected to cost redundancy payment of $30 million.Next Media issued a statement stating that the entertainment magazine Sudden Weekly will close on 7 August, while the mobile app version of Sudden Weekly known as Sudden+ will also cease to operate.The print media giant also proposed to change its name from “Next Media Limited” to “Next Digital Limited”, reflecting a strategic move to align its business into the digital space and provide a clearer identity and image for company."The Group is accelerating the pace in digitising its existing magazines published in Hong Kong and will integrate all the magazines’ digital contents into the Apple Daily portal. "Meanwhile, Next Magazine now publishes in 2 booklets, known as Book A and Book B, will be consolidated into one booklet with effect from the 1327th issue on 13 August.Next+ONe, a magazine which is bundled and sold with Next Magazine, will cease to be published on 13 August.ME! and Eat and Travel Weekly will be bundled with Next Magazine and sold as a bundle with effect from the 1327th issue of Next Magazine on 13 August 2015, which the management believes that this will enhance the appeal of Next Magazine.In connection with that consolidation, the company expected to pay $30 million redundancy.  Also, there will be a potential impairment of the masthead and publishing rights of Sudden Weekly in the amount of $97 million.