Rev Asia, one of Southeast Asia’s leading digital media groups, is seeking to establish a new business division in technology media after the completion of its sale and purchase agreement (SPA) with Media Prima Digital.
According to the New Straits Times, the company has strategies and plans in place for business expansion goals. Business opportunities will also be identified after the completion of the SPA by the third quarter of 2017. This was said by Rev Asia chairman Datuk Larry Gan Nyap Liou (pictured) following the company's shareholder meeting.
A+M has reached out to Rev Asia for more details on the new business division.
The move follows the acquisition of Rev Asia Holdings, Rev Asia's subsidiary, by Media Prima Digital for RM105 million just in May this year. The move was lauded by industry experts who expected the deal to influence other media groups in Malaysia to “re-strategise digitally”. It also puts Media Prima at an advantage when connecting with younger audiences.
The acquisition will see Media Prima Digital's audience reach up to 10.4 million. According to Media Prima Group, this will make it the third largest digital media company in Malaysia after Google and Facebook, with an audience reach of 15.7 million and 14.1 million respectively.
Mohamad Ariff Ibrahim, group chief financial officer of Media Prima explained the strategic acquisition of REV Asia demonstrates the firm’s commitmRent to capitalise on the growing demand for digital content amongst consumers, by expanding its reach and further enhancing the Group’s competencies in digital content marketing, digital content curation and digital native marketing ads.
The acquisition is also expected to result in the growth of revenue contributions from Media Prima’s digital platform exponentially, he added. All whilst expanding on its reach and platforms further.
Meanwhile in June, Media Prima also announced plans to grow its digital and non-traditional revenue streams through strategic business initiatives. According to its group chairman Datuk Seri FD Iskandar, these new initiatives were created to enable new revenue streams and put the focus back into its advertising revenue.