There will be a changing of the guard next year at one of the city's most storied and influential newspapers. The Hong Kong Economic Journal yesterday announced that founder Lam Lok Yau-mui will retire as co-chairman and publisher of the newspaper, with effect from tomorrow. Mrs Lam, the wife of Lam Shan-muk, helped found the Journal in July 1973 with her journalist husband. As the city's first economic and business-focused newspaper, it soon established a position with upper-tier readers. In an internal e-mail to staff, Mrs Lam said her resignation had been approved by the board of directors on December 11. In August 2006, Mr and Mrs Lam, together with columnist and key stakeholder Cho Chi-ming, sold their holdings in the Journal to a fund which has PCCW chairman Richard Li Tzar-kai as settlor. The trio are considered icons at the Journal and Mrs Lam has been credited with maintaining the editorial independence of the paper after Mr Li's arrival. With Mrs Lam retiring next year, Mr Cho, who contributes the well-known Investor's Diary column, will drop his daily duties in favour of a weekly commentary slot, according to sources. Meanwhile, the diary column will be handed off to a team of journalists and a new head writer. Although retired, Mr Lam will continue to write his column in the Journal as usual, sources said. In the search for new readers, the Journal in July expanded its online offerings with the launch of HKEJ.com, which has attracted about 8,000 paid subscribers. Newspaper makeover in the air At 58 years old, China Times Media Group is one of the leading media conglomerates in Taiwan, and now finds itself under the control of snack food giant Want Want Group. It may not be long before the new owners add their own touch. Sources said Want Want has completed all the legal procedures related to the acquisition of China Times Media, which included two newspapers, two television stations and a weekly magazine. The group, controlled by Tsai Eng-meng of Taiwan, beat Hong Kong Next Media Group last month with an 11th-hour offer of more than NT$20 billion (HK$4.7 billion) for full control of the group. Mr Tsai has been appointed chairman of China Times Media. Media Eye has learned that he plans a makeover of the China Times image as part of the group whole. 'The art director is working on the new masthead of the newspaper, which may include Want Want's logo of a little boy with the newspaper's calligraphic logo,' a source said. No Apple clones for Lai Next Media chairman Jimmy Lai Chee-ying has admitted for the first time that his company wanted to buy China Times Media, but failed to reach an agreement in the final hours before the deal closed and Want Want's appearance. Mr Lai's Next Media has been criticised by some Taiwan media for wanting to turn a traditional newspaper into an Apple Daily-style clone. 'I don't need another Apple Daily. Why do I need to change China Times to Apple? That's nonsense,' he said. 'I appreciate what China Times does and its influence on society and political news coverage.' Elle Decoration closes With the local economy getting worse because of the financial crisis, several publications are facing a tough time as advertising dollars dry up. Media Eye has learned that Elle Decoration Hong Kong informed staff earlier this week that it would cease operation with immediate effect. Elle Decoration Hong Kong is part of Hachette Filipacchi Group of France. The company also publishes fashion title Elle Hong Kong. We also hear that the staff at the publication received compensation equivalent to three months of salary.