Thai subsidiary of Express Group buys local magazines, plans to create online magazine editions

Bangkok Post
Thursday, August 21, 2008

By Krissana Parnsoonthorn

PR Express Ltd, backed financially by a Dubai-based media group, plans to spend 250-300 million baht to acquire magazines and to set up a TV production house and an artist management firm in Thailand by the end of this year.

"We're in talks to buy a number of local magazines that are facing financial problems due to falling ad revenues," said executive director A.P. Nikhil. "We have already bought two magazines -- Folio and Chic Men's."

He added that PR Express, a Thai subsidiary of the UK's The Express Group, would make the magazines more interactive by adding online editions -- in tune with a global trend for print media to go online as consumers develop easy Internet access. In Thailand Internet penetration is about 42% and IT prices are falling.

In addition to its magazine acquisitions, PR Express plans to buy publishing houses and stakes in newspapers.

PR Express already has a subsidiary, Model Express, to run both a Thai and regional artist management business. It aims to supply models to fashion houses in Europe in the spring and will soon start signing up singers and actors.

"My goal is to export Thai-made movies and that Thai artists can go aboard to work or perform," said Dr Nikhil.

"We should not think only of importing foreign artists like K-pop or J-pop stars. Thai artists are increasingly sought after for international performances."

In addition, PR Express is setting up a production house to produce dramas, talk shows and movies for satellite TV, Internet TV and free TV. Its studio in the Prakanong area is due to be completed in the next three months.

Dr Nikhil did not name his Dubai investor, saying only that the group was also bidding to buy a leading media firm in the United States.

Dr Nikhil said the PREXPRESS satellite TV channel would start on Sept 1, using C-band and focusing on news and documentaries. Internet TV is due to launch on Oct 1 with Expose{aac}, focusing on Bangkok society news and gossip.

Date Posted: 8/21/2008