Media Prima buys Rev Asia for $24M to emanate Malaysia’s largest digital media platform

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The U.S. isn’t a usually marketplace where media companies are consolidating to offer an promotion height to opposition Facebook and Google.

While AOL (which owns TechCrunch) is in a routine of appropriation Yahoo, over in Malaysia a identical consolidation was announced this week — nonetheless not utterly on the scale of AOL-Yahoo (Oath?!) and a $4.48 billion cost tag. Media Prima, a Malaysia-listed organisation with a palm in print, radio and TV media, announced a understanding to acquire new media startup Rev Asia for RM105 million, or approximately $24.2 million.

The understanding will see Rev Asia integrated into Media Prima’s height to emanate Malaysia’s largest digital media entity. Rev Asia’s further will mean Media Prima’s sum strech will arrange third in Malaysia formed on trade — a sum of 10.4 million monthly visitors — behind usually Facebook and Google, who lift in an estimated 15.7 million and 14.1 million per month, respectively.

Media Prima’s business interests include New Straits Times and dual other newspapers, 4 mainstream radio stations, 4 promote TV channels, and out-of-home promotion networks. Rev Asia, meanwhile, is really many a digital player. It is stoical of a dozen new media sites, including user-generated calm use that it joined with in 2013. It has been listed on a Ace marketplace of Bursa Malaysia, a some-more youth exchange, given 2011.

Media Prima organisation CFO Encik Mohamad Ariff Ibrahim pronounced a understanding would massively grow a company’s presence, quite among a 18-35 year aged demographic in Malaysia.

“The partnership is approaching to outcome in a expansion of income contributions from Media Prime’s digital height exponentially,” he added.

For a final financial year, Rev Asia reported a RM6 million ($1.4 million) distinction on sum income of RM23.4 million ($5.4 million).

Three of Malaysia’s many distinguished tech entrepreneurs are concerned with Rev Asia. Patrick Grove started a media association by his Catcha Group business, that retains a 57 percent share of Rev Asia and is concerned in ventures such as Iflix (recently lifted $90 million), iProperty (sold to News Corp) and iCar Asia (listed on a Australian Stock Exchange). 500 Startups’ partner Khailee Ng and Fave CEO Joel Neoh founded and came aboard following a 2013 partnership deal. Ng and Neoh had previously sold a internal group-buying site to Groupon.

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