KUALA LUMPUR, May 8 -- Media Prima Digital, a subsidiary of Umno-controlled Media Prima Berhad, has acquired 100 per cent equity interest in REV Asia Holdings for RM105 million, making Media Prima the biggest Malaysian digital media company.

Industry magazine Marketing reported today that the acquisition by Media Prima Berhad’s wholly owned subsidiary would see the group’s digital platform audience double up to 10.4 million from five million, which the company said would make Media Prima the third overall in Malaysia after Google and Facebook with audiences of 15.7 million and 14.1 million respectively.

"The strategic acquisition of REV Asia Holdings demonstrates our firm commitment to capitalise on the growing demand for digital content amongst consumers by expanding our reach and further enhancing the Group’s competencies in digital content marketing, digital content curation and digital native marketing ads,” Media Prima Group chief financial officer Mohamad Ariff Ibrahim was quoted saying.

REV Asia Holdings, according to the report, is one of Southeast Asia’s leading digital media groups with online consumer brands that cover various segments including entertainment, lifestyle, and social English, Malay and Chinese news. Some of the popular portals include English-language social site Says and Malay-language social site OhBulan!.

Mohamad Ariff reportedly said REV Asia had expertise in curating content for young consumers aged between 18 and 35.

REV Asia Holdings reportedly recorded revenue and after-tax profit of RM23.5 million and RM4.2 million respectively for the financial year ending December 31, 2016, marking growth of 32 and 27 per cent respectively compared to the previous year.

"We are excited to be joining the Media Prima family and working together to transform the media landscape in Malaysia. Media Prima are true leaders in Malaysia’s media and television industry with a strong track record of success. Together, we are confident in our ability to expand our reach while solidifying our combined position as the number one digital media group in the country,” REV Asia Holdings managing director Voon Tze Khay was quoted saying.

The acquisition comes even as Media Prima reportedly recorded an RM109 million loss in the third quarter to end September last year, according to a January report by Singapore’s The Business Times.

Media Prima newspapers like the English-language New Straits Times and Malay-language Harian Metro have reportedly suffered large declines in circulation, while Media Prima’s television viewership has fallen 35 per cent for the nine months to end September from 38 per cent a year ago.