REV Asia Berhad, Malaysia’s leading digital media group, announced on 8th May that it has entered into a Sale and Purchase Agreement (“SPA”) with Youth Asia Sdn Bhd and Media Prima Digital Sdn Bhd (“Media Prima Digital”), an indirect wholly-owned subsidiary of Media Prima Berhad (“Media Prima”) for the proposed sale of REV Asia Holdings Sdn Bhd, subject to the conditions precedent set out in the SPA to be fulfilled.
The sale is valued at RM105 million. REV Asia Holdings will be supporting Media Prima’s strategy focusing on its expansion in digital content and digital media platforms. As one of Southeast Asia’s leading digital media groups, the company has a strong track record in social media and online marketing through an established portfolio of well-known online consumer brands that cover a wide variety of segments including entertainment, lifestyle and social-millennial English, Malay and Chinese news.
The acquisition will enable the combined group to reach a total of 10.4 million visitors, placing them as third largest in Malaysia after Google and Facebook. The union will enable Media Prima to establish its position as the largest Malaysian digital media company and third overall in Malaysia after Google and Facebook with 15.7 million and 14.1 million visitors respectively.
REV Asia Holding’s Managing Director, Voon Tze Khay says, “We are excited to be joining the Media Prima family and working together to transform the media landscape in Malaysia. Media Prima are true leaders in Malaysia’s media and television industry with a strong track record of success. Together, we are confident in our ability to expand our reach whilst solidifying our combined position as the number one digital media group in the country”.