Media Prima scales back expansion plan

The Malaysian media giant created a private equity fund to fuel an ambitious overseas growth strategy in April this year. But Media Prima International’s group CEO Farid Ridzuan (pictured) has said that the company’s acquisition strategy will now be more “selective”.

“We are proceeding with our expansion plans, but are being more selective about the companies we talk to,” he said. “We’re looking at more affordable assets, which will probably mean that TV stations prove too expensive for us.”

After forming the Strategic Media Fund in April, Media Prima entered a block airtime deal with Philippine network ABC5, which it plans to rename and relaunch. The company has also hinted that it plans to enter Vietnam should the opportunity arise in 2009.

Farid added that Media Prima is considering setting up a consultancy business based on the company’s history of turning around struggling media businesses.