The U.S. isn’t the one market where media firms are consolidating to supply an merchandising platform to rival facebook and Google.
while AOL (which owns TechCrunch) is in the strategy of acquiring Yahoo, over in Malaysia a an identical consolidation used to be announced this week — although now not quite on the scale of AOL-Yahoo (Oath?!) and its $ 4.48 billion price tag. Media Prima, a Malaysia-listed firm with its hand in print, radio and television media, introduced a deal to acquire new media startup Rev Asia for RM105 million, or roughly $ 24.2 million.
The deal will see Rev Asia integrated into Media Prima’s platform to create Malaysia’s largest digital media entity. Rev Asia’s addition will mean Media Prima’s total reach will rank third in Malaysia in line with site visitors — a complete of 10.four million month-to-month guests — behind simplest fb and Google, who pull in an estimated 15.7 million and 14.1 million monthly, respectively.
Media Prima’s trade pursuits embody New Straits times and two different newspapers, four mainstream radio stations, four broadcast tv channels, and out-of-home promotion networks. Rev Asia, meanwhile, is very so much a digital participant. it’s created from a dozen new media web sites, including consumer-generated content material provider Says.com which it merged with in 2013. It has been listed on the Ace market of Bursa Malaysia, a more junior exchange, due to the fact that 2011.
Media Prima staff CFO Encik Mohamad Ariff Ibrahim mentioned the deal would massively grow the corporate’s presence, in particular among the 18-35 yr outdated demographic in Malaysia.
“The acquisition is expected to consequence within the boom of income contributions from Media high’s digital platform exponentially,” he introduced.
For its remaining financial yr, Rev Asia said a RM6 million ($ 1.four million) profit on complete earnings of RM23.4 million ($ 5.four million).
Three of Malaysia’s most outstanding tech entrepreneurs are involved with Rev Asia. Patrick Grove began the media firm through his Catcha staff business, which retains a 57 p.c share of Rev Asia and is focused on ventures similar to Iflix (just lately raised $ ninety million), iProperty (sold to information Corp) and iCar Asia (listed on the Australian inventory exchange). 500 Startups’ accomplice Khailee Ng and Fave CEO Joel Neoh based Says.com and came aboard following the 2013 merger deal. Ng and Neoh had previously bought a local workforce-shopping for web page to Groupon.
Featured picture: Garry Knight/Flickr below A CC with the aid of 2.0 LICENSE (picture HAS BEEN MODIFIED)