As the national economic outlook worsens for just about everybody, The Edge Media Group is streamlining its stable of online and print news properties – by selling off The Malaysian Insider.
A report in The Star Online today reveals that an internal memo also contained information pertaining to the retrenchment of staff from various companies under the group’s umbrella. Other staff members would be offered new roles in The Edge.
A source told The Star that TMI would be sold off, while financial news portal KiniBiz and its print edition would be shuttered by February 1.
The Edge Media Group was hard hit last year when the Home Ministry ordered a two-month publishing suspension on The Edge Financial Daily and The Edge Weekly, following the newsportal’s reports on the 1Malaysia Development Berhad (1MDB) scandal.
The July 27 ministry order was overturned by the Kuala Lumpur High Court on September 21, but it now seems that the damage has, at least in part, been done.
