KUALA LUMPUR, June 9 — Independent news portal The Malaysian Insider has been acquired by The Edge Media Group (TEMG) effective immediately.
The takeover, which was confirmed by the portal’s chief executive officer Jahabar Sadiq, was conveyed to all employees in an email today.
In the email sighted by The Malay Mail Online, the staff members were informed that no changes will be made to the company’s existing management and structure.
However, due to the new ownership, all employees will need to resign from TMIDOTCOM Sdn Bhd that operates the site and sign on with The Edge Media Group.
“As part of The Edge Media Group, we will have synergy with various units in The Edge family to further improve and expand The Malaysian Insider’s brand and coverage,” Jahabar said in the email.
It is understood the existing management and new owners will meet with the team at 2.30pm this afternoon.
Asked to explain the acquisition, Jahabar told The Malay Mail Online that the popular portal’s new owners “see us as a strategic fit to their media business”.
He declined to reveal the terms of the acquisition, saying the details will remain confidential.
This is second major upheaval at the news portal in under a year. In June 2013, the core of the editorial team at The Malaysian Insider departed to set up The Malay Mail Online.
In a statement this afternoon, TEMG confirmed its acquisition of TMI, saying the purchase would help enhance the firm's reach in the digital media space.
“As an integrated regional media group we are always looking for opportunities to diversify our media platforms and we are happy to now have The Malaysian Insider as part of our portfolio,” TEMG Publisher and Group CEO Ho Kay Tat said.
In Malaysia, TEMG currently prints and publishes The Edge business and investment weekly, The Edge Financial Daily, Personal Money and the websites http://www.theedgemalaysia.com, http://www.theedgeproperty.com and http://www.fz.com.
It launched its first digital-only regional weekly news magazine The Edge Review last year, which covers socio-economic and political developments in southeast Asia.
It also has The Edge print weekly in Singapore and its website www.theedgesingapore.com.