The Strategic Media Fund Limited Partnership, or Media Fund, will pool capital from investors to bankroll acquisitions in Southeast Asia and other emerging markets in Asia-Pacific.
Media Prima is the “anchor investor” and fund manager, but will also court domestic and international investors to raise up to US$150 million within five to seven years. Specifics on acquisition targets were not revealed, but it is understood that Vietnam is among the markets targeted for growth.
Media Prima chairman, Abdul Mutalib Razak, said: “Investors in the Media Fund will be able to leverage on the strong track record and experience of Media Prima in transforming media assets in Malaysia to ensure its investments in various media platforms with high growth potential across the region will create considerable value over the medium to long term.”
Media Prima has proved successful at turning around underperforming media companies, including 8TV, ntv7 and most recently TV9. Its first attempt at boosting the fortunes of a media company outside of Malaysia will be in ABC5 in the Philippines.
The Media Fund has struck an airtime deal with the Philippine network through a newly created subsidiary, Primedia. Under the terms of the deal, Primedia will provide content and manage ABC5’s airtime sales. Primedia will also oversee the relaunch and repositioning of ABC5, while a new CEO will be installed to run the network.
The launch of Media Fund means a reshuffle at the top. The company’s group CEO Farid Ridzuan (pictured) has been appointed as CEO of Media Fund as well as CEO of Media Prima’s international division. Farid retains his position as group CEO. Also shifting is Amrin Awaluddin, the CEO of ntv7, who moves to take the helm of TV3 in place of Farid. Anthony Firdauz Bujang, the director of operations for TV3, will replace Amrin Awaluddin as CEO of ntv7.
