Hong Kong information and technology firm PCCW (HKG:0008) agreed to acquire Clermont Media from New Class for HK$70 million, a Tuesday bourse filing said.
Clermont Media operates the business daily "Hong Kong Economic Journal" and the monthly magazine known as the "Hong Kong Economic Journal Monthly." It also oversees the HKEJ.COM website and HKEJ mobile app, which provides free and subscription content.
"The acquisition of the target will expand the PCCW Group'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," PCCW said in a statement.
The seller is wholly owned by a trust for which Richard Li, chairman of PCCW, acts as a settlor.
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