Malaysian Media Company Acquires Events Business
The subsidiary of Malaysia-based Star Publications, I.Star Ideas Factory, has acquired the business and assets of events organiser CNM Events Marketing for US$14.2 million. As part of the deal, CNM Events will provide a profit before tax guarantee of at least US$9.5 million over three years after the deal is complete.
CNM Events’ portfolio of events and exhibitions include The Star Education Fair, The Star Property Fair and CHEER cheerleading competition. The company’s other major focus is on home and lifestyle, and it is also the owner of the Perfect Livin and Perfect Lifestyle exhibitions.
First held in 2008, the Perfect Livin fair was held at the Putra World Trade Centre (PWTC) in 2011, and reportedly attracted 108,000 visitors and 123,000 visitors to the April and August editions, respectively.
Steve Monnington, managing director of Mayfield Media Strategies, commented that a similar acquisition occurred in Singapore in 2010 by the Singapore Press Holdings. Monnington said, “The move by newspaper groups into the consumer exhibition space is something I think we will see more of as they look for new revenue streams to combat falling print advertising revenues.”