Behind the merger of Ming Pao Enterprise Corp with Malaysian-based companies Sin Chew Media and Nanyang Press lies owner Tiong Hiew King's ambition to challenge the dominance of western media in the global news industry.
The HK$3.5 billion merger deal announced by Ming Pao on Monday would make the enlarged group one of the Chinese media world's biggest. Multimedia is the next step.
'The rapid redevelopment of information technology and globalisation changed the way Chinese people receive information around the world ... the new platform will create the largest and strongest global Chinese-language multimedia platform, which will directly compete with other international media corporations,' Mr Tiong said.
Shares of Ming Pao rose 7.18 per cent and closed at HK$2.09 yesterday on news of the deal, scheduled to be completed this year.
'Mr Tiong is dedicated to building a global Chinese media platform, and he loves to be a newspaper boss,' a source said.
The new entity will combine five newspapers based in Hong Kong and Malaysia with daily circulation of more than one million copies in Asia and North America.