PCCW (0008) announced today it entered into the sale and purchase agreement to acquire Clermont Media, which operates “Hong Kong Economic Journal”, with HK$70 million from a trust of which Richard Li Tzar-kai is the settlor.
Li is also the chairman of PCCW.
After the transaction, Clermont Media will become an indirect wholly-owned subsidiary of the PCCW.
Clermont Media’s principal business consists of business relating to the newspaper known as the “Hong Kong Economic Journal” and the monthly magazine known as the “Hong Kong Economic Journal Monthly”, and operating the HKEJ.COM website and HKEJ mobile app which provides both free content and paid content on a subscription basis.
PCCW said: “The acquisition of the Clermont Media will expand the PCCW’s business in these areas, expanding advertising and subscription revenues by strengthening content for the existing news channel and enhancing the experience across the PCCW’s various media platforms as well as delivering operational efficiencies by leveraging the PCCW Group’s extensive resources.”
JUNE CHEN
