The chief executive of beleaguered media company Next Digital says he cannot guarantee that some 50 staff of Eat and Travel Weekly will be spared the axe, after the magazine ends its 20-year print run to become a digital-only production.
Next Digital (formerly Next Media) was founded by high profile businessman Jimmy Lai, known for his support for democracy and criticism of China. It introduced tabloid-style journalism into Hong Kong and Taiwan, with the hugely successful Apple Daily. The group made a rare misstep by entering Taiwan’s saturated broadcasting market. In October 2012 it agreed to sell its loss-making Taiwan TV unit and to terminate its video-on-demand (VOD) services, but the deal fell through in March 2013.