PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - The Edge Media Group is downsizing in efforts to focus on its core business.
An internal memo sighted by The Star revealed that the group will be retrenching some staff from various companies, with others assigned new roles within the organisation.
With the two-month suspension of their weekly and daily publications significantly impacting their financials, the downsizing could be the group's way of weathering weak business and economic conditions in 2016 and 2017.
The Home Ministry had suspended the group's publishing permit for three months from July 27 last year, and the Kuala Lumpur High Court on Sept 21 quashed the Home Ministry's decision to suspend its two publications.
With plans to have their own TV news program on a broadcaster falling through, the group's video content will be reconfigured away from spot news coverage due to a lack of competitive advantage.
According to a source, The Malaysian Insider, which is also owned by The Edge, is also up for sale, while both print and online editions of Kinibiz will shut down on Feb 1.
Headed by joint CEO and founding editor P. Gunasegaram, Kinibiz began as an online-only business news portal in Feb 2013.
It went to a subscription-based service in May the same year and rolled out a fortnightly print business magazine in April 2015, which was under review due to poor sales.
The official announcement will reportedly be made next week.