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July 27, 2017

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Famed tabloid magazine Next to change hands

TAIPEI, Taiwan -- Next Magazine, one of the biggest-name tabloids in Taiwan and Hong Kong, is being sold by its founder.

Hong Kong media company Next Digital announced Monday that the magazine was being acquired by businessman Kenny Wee,, owner of W Bros. Investment Limited, for HK$500 million (NT$1.9 billion).

The deal includes both the Taiwanese and Hong Kong editions as well as Suddenly Weekly, Next+One, ME! and Face, subsidiary products of Next Digital owned by founder Jimmy Lai

Next Magazine was launched seven years ago and quickly made a name — and won a large readership — for its gossip reports as well as major political exposes, including ones that helped bring down ex- President Chen Shui-bian and former Executive Yuan secretary-general Lin Yi-shih (林益世).

The magazine was commonly cited as introducing paparazzi journalism to Hong Kong and Taiwan.

Next Digital said it would take its print media business in a digital direction after the deal's completion, which is set for the end of September at the latest.

The company said its business culture would remain unchanged.

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