Hong Kong media giant Next Digital sells magazines for HK$500 million in bid to expand online content

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Reports emerged in June that Next Digital wanted to outsource 50 graphic designers and artists. Photo: David Wong

Phila SiuandJane Li

Published: 4:12pm, 17 Jul 2017Updated: 6:36pm, 18 Jul 2017

Hong Kong media giant Next Digital Limited, controlled by mogul Jimmy Lai Chee-ying, has accepted an offer to sell some of its magazine businesses in Hong Kong and Taiwan for HK$500 million in a bid to expand the digital content of its remaining businesses.

The company said in a filing to the Hong Kong stock exchange on Monday that it had accepted an indicative offer from W Bros Investments Limited, a company wholly owned by businessman Kenny Wee Ho, to sell Sudden Weekly, Face, ME!, Next Magazine and Next+One.

The offer was made by businessman Kenny Wee Ho. Photo: Edward Wong

Of the HK$500 million, HK$320 million will go to Next Digital while HK$180 million will be injected into the magazines, according to the filing.

Next Digital’s CEO Cassian Cheung Ka-sing wrote in an open letter to employees on Monday: “Over the past few years, we have seen the industry’s transformation from print to digital. It is an irresistible trend. The company can now focus its resources to speed up developments on digital platforms, so we can maintain our leading role in this area.”

The deal was expected to be completed in September, Cheung said.