The Edge is taking over Malaysian Insider – and that has cast a shadow on the future of the Edge’s dynamic news website, fz.com
What do you think of the takeover?
On the one hand, The Edge is a professionally run business media group that has added a critical and more analytical tone in business reporting especially through the Edge weekly and its stake in the BFM radio station.
But is it ever good for media diversity when media companies gobble up other media outfits, concentrating media ownership in fewer and fewer hands?
In the meantime, a shadow has been cast on the future of website FZ.com and it is possible that the FZ staff could be absorbed into the Insider, especially after the latter suffered an exodus of journalists to the Malay Mail Online.
At least we are a bit clearer now about who owns the Insider (though who its other shareholders are remains a mystery). In the past only a few people were privy to how it was financed, leaving room for much speculation about its real owners.
Indeed, the main problem with some of the online news portals is the lack of transparency over their real owners and hence their editorial positions. Wouldn’t it be better if these media portals indicate who their shareholders are, apart from their editorial staff?
This is the media statement issued by The Edge:
The Edge Media Group buys The Malaysian Insider
KUALA LUMPUR: The Edge Media Group (TEMG) has acquired the popular news portal www.themalaysianinsider.com
TEMG Publisher and Group CEO Ho Kay Tat says the purchase of TMI will enhance TEMG’s presence and reach in the digital media space. The website has the second highest traffic among the pure digital local news portals in Malaysia.
“As an integrated regional media group we are always looking for opportunities to diversify our media platforms and we are happy to now have The Malaysian Insider as part of our portfolio,” says Ho.
In Malaysia, TEMG has both print and digital titles – The Edge business and investment weekly, The Edge Financial Daily, Personal Money and the websiteswww.theedgemalaysia.com,www.theedgeproperty.com andwww.fz.com
Outside of Malaysia, it has The Edge print weekly in Singapore and its website www.theedgesingapore.com
Last year, TEMG launched the first digital only regional weekly news magazine The Edge Review, which reports extensively on socio-economic and political developments in southeast Asia.
“The purchase of TMI follows that of our purchase of a minority stake in the business radio station BFM in 2013, “ says Ho. “ Our decision to invest in BFM and now to buy TMI was also driven by the fact that we share the same vision and editorial values to promote fairness, moderation and inclusive socio-economic development.”
TEMG is independent of any political, racial or religious group and is committed to report, analyse and explain the news accurately, fairly, and intelligently as this is what the public expects of a credible media.
Jahabar Sadiq, CEO & Editor of TMI, has welcomed TEMG as its shareholder.
“We welcome TEMG as our new shareholder and we welcome their commitment to the same ethos that has made The Malaysian Insider a credible news portal since our inception in February, 2008,” says Jahabar, who will continue to lead the TMI editorial team.