KUALA LUMPUR, March 23 — Malaysia’s leading integrated digital media solutions provider iMedia has signed a term sheet to acquire up to 80 per cent stake in Headline Media Sdn Bhd (Headline Media).
In a statement today, it said that the acquisition is set to further boost iMedia’s digital media ecosystem and to expand its reach within Malaysia, especially among the English-speaking community.
“We are thrilled to welcome Headline Media to the iMedia family. We have been looking to grow the English-speaking audience within our digital portfolio and Headline Media is a perfect fit,” Chief Executive Officer (CEO) of iMedia Voon Tze Khay said.
It also said that the acquisition is expected to contribute meaningfully to iMedia’s projected profit before tax of RM11 million in 2023.
iMedia has also signed an Exclusive Sales Representation Agreement that will see iMedia responsible for the acceleration of revenue for the four brands under Headline Media.
As part of the acquisition, all social media assets under Headline Media will be fully integrated into iMedia’s ecosystem.
“The acquisition is well-aligned with iMedia's growth strategy which focuses on M&A and operational improvements to strengthen its digital media portfolio. With the addition of Headline Media's reach, iMedia's combined network of owned and managed brands will reach over 13.2 million Malaysians every month,” it said.
Headline Media, co-founded by Rydah Tan, Chan Jin Wen, Dylan Tan, Esther Lee and Sarah Yeoh in 2020, currently owns and operates four leading digital media brands, with WeirdKaya (weirdkaya.com) as its flagship brand. WeirdKaya is one of Malaysia's fastest-growing English social news sites, with a combined monthly reach of more than 6 million across all social media platforms.
Headline Media's other brands include LokLokWords (loklokwords.com), Malaysia's largest content platform targeting Chinese independent school students, EzLokal Food, a Malay lifestyle and food review platform, and OnlyFood KL, Malaysia's first data-driven and honest food review platform.
iMedia - Malaysia’s fast-growing integrated digital media solutions group with a combined following of over 13.2 million visitors across its websites, social platforms and influencer network — has an extensive portfolio of popular online brands and premium video streaming partnerships which include OhMedia, Ittify, Goody25, Goody!, BeautifulNara, Kimchi Daily, Moretify, WeirdKaya, LokLokWords, EzLokal Food, OnlyFood KL, Iluminasi, iQiyi, Newswav, Malaysia Gazette and Oriental Daily Online.