After months of talk, I hear that
reserved tycoon Syed Mokhtar al-Bukhary has finally struck a deal with owners
of the Malaysian Reserve, which will see him control 91% in the only local
business daily affiliated with the International New York Times.
I didn't hear how much Syed Mokhtar paid
for the stake but he's not known for making bad investments. The newspaper
industry in Malaysia is death-defying; while dailies in most other countries
suffer from dwindling sales (many have had to close shop, citing the Internet
challenge), the local industry has actually grown in spite (or because) of the
new/social media.
This year alone, several new
titles have debuted, including the Weekend Runner, business weekly Focus, and
of course The Heat, which was last week suspended indefinitely for offending
the conditions attached to its KDN (publishing permit). Knowing Syed Mokhtar, I
don't think he will stop with the Reserve. And why should he? -- From: Rocky BRU
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