KUALA LUMPUR, June 9:
Rumours that news portal The Malaysian Insider was financially strapped can now be dispelled as it has now been acquired by The Edge Media Group, backed by local tycoon Datuk Alan Tong Kooi Ong, formerly of Phileo Allied Bhd and Sunrise Bhd.
At the news portal, Insider chief executive officer and editor Jahabar Sadiq welcomed the move and said he will continue to lead the editorial team.
This will be the second major event at the news portal, founded in 2008 as an online alternative to another hard-hitting news site Malaysiakini.
There was talk that Insider was financially backed by people close to former Prime Minister Tun Abdullah Ahmad Badawi, but the funds dried up when he left office in 2009.
As a result, the core team at Insider left in late 2012 and started up what is now known as The Malay Mail Online news portal – which largely runs independently of its daily newsprint namesake.
Edge Publisher and Group CEO Ho Kay Tat said the group’s purchase of TMI was driven by shared editorial values to promote “fairness, moderation and inclusive socioeconomic development”.
Edge also recently bought a minority stake in independent radio station BFM last year. Founded in 1994, Edge also publishes the flagship weekly financial bulletin The Edge, daily newspaper The Edge Financial Daily and operates online news portal FZ.com.