2000–2009: Formation and early history
Media Prima was established on 27 November 2000 as Profitune Sdn. Bhd.,[19] with a focus on multimedia and communications services. On 1 October 2001, MRCB announced that it proposed to divested its equity interest in its media subsidiaries, Sistem Televisyen Malaysia Berhad (STMB) and The New Straits Times Press (Malaysia) Berhad (NSTP), in which the latter had acquired from Renong Berhad in 1993 and shutting down its pay-TV unit, Mega TV to help repay RM1 million of debt.[20] The proposed restructuring scheme was officially announced on 8 October.[21][22] MRCB and Profitune inked a share sale agreement on 22 October in which the company will assume the listing status of TV3. The divestiture is part of the MRCB's reorganization plan, which saw its media business were transferred to Profitune while MRCB focused solely on infrastructure and construction business.[23][24] The company was upgraded into a public limited company status and renamed as Profitune Berhad on 7 November 2001.[19]
In January 2002, following the reduction of assumed TV3's debt, MRCB revised the purchase consideration of its debt restructuring scheme.[25] The restructuring was expected to be completed in the third quarter of the year.[26][27]
On 10 June 2002, Profitune shifted its business focus to media and entertainment and changed its name to Media Prima in preparation for media competition in Malaysia.[19][28] On 25 November, the company signed a second supplemental agreement with MRCB for another proposal which concerning the NSTP.[29]
In late July 2003, the MRCB obtained a sanction from the High Court that allowed it to proceed the demerger exercise with Media Prima and lodged a court order's copy with the Companies Commission of Malaysia (SSM). It also issued a circular to its shareholders on the demerger.[30]
The corporate restructuring of MRCB and the spin-out of its media assets, namely TV3 and the NSTP was formally completed in August 2003,[31][32] and the following month, MRCB spin-offs TV3 and the NSTP, marking the latter's official exit from media business.
Media Prima began operations on 23 September 2003,[33][34] with the launching ceremony was officiated by the then-Deputy Prime Minister, Abdullah Ahmad Badawi.[35][36][37] At the same time, the company unveiled its first corporate logo (which continued to be used to this day same as TV3), which saws the word 'Media' placed in the red box, while the word 'Prima' placed outside the red box.[38] On 22 October, the company takes over the listing status of the STMB on the Main Board of Bursa Malaysia Securities Berhad.[39][40]
Not long after, Media Prima acquired 80% interest in Metropolitan TV Sdn Bhd which had a Content Application Service Provider (CASP) license which allowed it to open a television station.[43] On January 8, 2004, 8TV was relaunched as a successor of MetroVision which was closed in November 1999.[44] In June 2005, Media Prima acquired 100% stake in Ch-9 Media, which operates Channel 9 in a RM40.61 million deal and renamed it as TV9.[45][46][47] In July, the company entered into a Collaboration and Assistance Agreement with Natseven TV Sdn Bhd (which operates ntv7), Synchrosound Studio Sdn Bhd (which operates now-defunct Wow FM), Questseven Dot Com Sdn Bhd and the respective companies' shareholders to provide assistance for the companies to undertake a corporate and debt restructuring scheme.[48]
In November 2006, Media Prima acquires 70% stake in Big Tree Outdoor,[51][52] followed by the entire stakes in two other outdoor advertising firms, namely UPD and The Right Channel.[53] By December, the company became one of the main components of the Bursa Malaysia's Composite Index.[54]
In 2007, Media Prima launches its over-the-top streaming service, Catch-Up TV,[55][56][57] which offers content from the company's television channels and their respective websites.[58] The company also launched an Internet portal, gua.com.my[59] and its music portal, guamuzik.com.my. The company also planned to expand its business operations abroad[60] in order to be the major "regional media powerhouse".[61]
Also in 2007, Media Prima dominates 54% of television viewership market in Malaysia, after Astro (29%) and Radio Televisyen Malaysia (17%).[62]
In 2008, Media Prima established its subsidiary in the Philippines, MPB Primedia Inc. in partnership with the ABC Development Corp. (now TV5 Network) to relaunch the TV5 with new image with US$150 million media funding provided by the company.[63][64][65][66] However, in October 2009, the company decided to divest its 70% of its shares in MPB Primedia to PLDT's subsidiary MediaQuest Holdings to prevent the liquidity of profits on the company's behalf.[67][68][69]
The company announced in February 2009 that it would enter a partnership with the Islamic Republic of Iran Broadcasting for the television program exchange.[72]
2014–present: Recent developments
The company announced in November 2014 that it would reduce the number of employees by offering them a one-time payment. According to its statement, the mutual separation scheme (MSS) will be implemented from 14 November and completed on 15 December.[89]
The company entered a conditional purchase agreement as early as October 2015 to acquire the entire stake of radio broadcasting company, Copyright Laureate, which owns and operates Ultra FM and Pi Mai FM, in a cash consideration of RM20 million.[90][91][92] The acquisition was completed on 21 October.[93]
In early 2016, Media Prima signed a deal with South Korean company CJ Group to launch a home shopping channel, CJ Wow Shop and operated by the companies' joint-venture, MP CJ O Shopping Sdn.
