CR Media, publisher of luxury magazine Prestige, has been acquired by German media group Hubert Burda Media, publisher of some 303 magazines worldwide.
The acquisition was made via Burda Singapore, a subsidiary of Hubert Burda Media Germany, which publishes women's lifestyle magazines as well as fashion, food, cars and technology titles. The acquisition price was not disclosed.
Fabrizio D'Angelo, international managing director at Hubert Burda Media Germany, said Prestige, arguably the jewel in the CR Media crown, will be rolled out to European and other international markets.
Jane Leong, founder and owner of CR Media, said discussions with Burda began some time ago.
Leong will stay with the company until the end of the year as a consultant. Other roles, including those in Hong Kong, are still unclear.
"We felt that Burda, as a very successful German media company with proven success record in Asia and plans to aggressively develop our brand globally would be the perfect home for out titles in the future," Leong said.
Peter Kennedy, regional MD for Burda Asia, added this was the company's first acquisition in Singapore, a market he described as a "very important regional media hub".
"We hope not only to continue to expand the current business, but acquire additional businesses in the magazine and digital space," he said.
CR Media is the publisher of Prestige magazine in Singapore and Hong Kong and August Man in Singapore and Malaysia.