TMI bought over by The Edge Media Group

PETALING JAYA: Online news portal The Malaysian Insider (TMI) has been bought over by The Edge Media Group (TEMG).

TMI chief executive officer Jahabar Sadiq confirmed the news on Twitter on Monday morning.

"Good morning TwitterJaya --> The Malaysian Insider @tm_insider is now part of The Edge Media Group," he tweeted at 11.15am, prompting congratulatory messages from followers.

When contacted later, Jahabar told The Star Online that the acquisition was finalised in the last 30 days, with TMI retaining its brand.

"It is only a change in ownership. The direction and policy of the news portal will not change. We will continue to operate as is," said Jahabar, who will continue to lead the editorial team.

TMI, which was set up in 2008, is a popular online news site and was ranked no. 10 in the top 30 Malaysian websites for April 2014 by the Malaysian Digital Asociation and comScore.

Meanwhile, TEMG publisher and group chief executive officer Ho Kay Tat said the acquisition would enhance the group's presence in the digital media space.

"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.

"Our decision 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," he added.