Paramount signs printing contract with Next

Paramount Publishing Group has signed printing contracts worth $8.2 million as part of a proposed takeover by Jimmy Lai Chee-ying's Next Media International Holdings.

Paramount is slated to take charge of printing work of Next's weekly magazines Next Magazine, Easy Finder and the latter's supplemental booklets Trading Express, Auto Express and Easy Girl.

The contracts will take effect during the three months to December 31.

In addition to the printing contracts, Next is injecting Internet service provider nextmedia.com, Easy Finder, the magazine's supplemental booklets and convertible notes to Paramount for a combined $485.1 million.

The takeover will turn Paramount into the listed flagship arm of Mr Lai's media empire.