CHAPTER 5

SUMMARY AND CONCLUSION

5.1 SUMMARY

The research topic reflects a concern over the presence of M&A activities in the

growth and development of the media industry in Malaysia. The viability of M&A

activities in the local media industry as a business strategic tool has become clouded

by objections voiced out by sectors of the Malaysian public concerned about media

democracy.

Accordingly, the research sought to investigate the deployment of M&A activities in

the growth of the Malaysian media industry. The research observed the phenomenon

from the business perspectives on account of products of the media industry as

commercial commodities. The investigation was focussed on tracing a trend in the

growth and development of the media industry. To do so, an understanding of the

viability of M&A activities is sought through the examination of the corporate growth

and development activities of a case subject namely, Media Prima (Malaysia)

Berhad.

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 The need to develop and grow, and stay competitive and sustainable in business is

detrimental to all business corporations. The current research resorted to business

management models namely, life cycle model and the competitive forces model as the

mechanisms to seek justifications for certain growth behaviour in the media industry

in Malaysia. Both the PLC and FFA are the business management models claimed

purposeful in determining the position of a company along the industry life cycle and

at the same time anticipate its next course of actions.

M&A may be a relevant and wise option along the path of a product’s life cycle. At

the growth level, companies with strong capital may aggressively pursue their

ambitions by acquiring other companies to speed up growth. Cohen-Lehman’s NLC

model implicates the deployment of M&A on the decline stage where adaptation and

convergence is an intervention strategy to save the product before succumbing to

obsolescence. Corporate convergence via M&A is a manner by which older

companies may merge with new but larger influence companies. At this point,

knowledge of the life cycle concept assists managers to understand acquisition costs

versus operating expenses costs, and find a correct balance the two factors (Susman,

1989).

With the proposition that a trend in the modern day development and growth of the

media industry is facilitated by M&A exercises, the research sought to find answers to

investigative questions as discussed below.

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 Investigations conducted provided the following answers to the following questions.

a) What is the pattern of growth displayed by the research subject?

Based on the premise that M&A is a corporate external expansion tool, MPB has

demonstrated a growth strategy by external expansion based primarily on the

acquisitions of target companies. Its instruments of acquisitions were sales and

purchase agreement (SPA) and share sales agreement (SSA). In doing so, MPB

has not exercised company merger as at the time of research but instead was found

to favour consolidation of companies. Rather than merging the acquired entities

MPB accumulates independent media firms and consolidate their operations

according to specified media platforms – print, TV, radio, advertising--. For

instance, the subsidiaries operating the television stations TV3, ntv7, 8TV, and

TV9 function independently but under a consolidated supervision of the leading

firm which in this case is TV3.

From the perspective of the industry life cycle, the assumption that the time span

of each stage of growth is not definite, MPB has expanded its business size fast in

its early stage of growth. Facilitated by the practice of acquisitions MPB

accumulated 12 major subsidiaries within a time span of three years.

b) What is the direction of growth propagated by the deployment of M&A activities

by the research subject?

From the perspective of business competitiveness and sustenance, MPB is

developing its competitiveness by physical size, assets, capital size, workforce and

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 expertise, and market reach through the accumulation of subsidiaries leading to

the development of long term sustenance in the industry. An element of Porter’s

FFA model is the ‘threat of new entrants’ which recognises that high entry

barriers deter new comers into the industry thus safeguarding the prosperity of

existing industry players. MPB has the size of operations competitive enough to

discourage new entrants as well as substitutes into the industry. In so doing, MPB

has developed itself into a mega media conglomerate ever powerful as ‘supplier’

and ‘buyer’.

c) What drives the case company to adopt M&A activities in its growth strategy?

The desire to expand businesses is the most common motive for a merger

(Gaughan, 2000) and proponents of M&A contend that M&A appeals to business

entities for the purpose of synergistic gains, market positioning, and financial

issues such capital access, cost savings and tax relief. Its acquisition exercises

have proven to be beneficial to MPB as it has gained synergy and efficient

management of resources. Synergistic gains from the acquisition of three

television channels in 2003 that tallied with the increase in MPB’s net revenue

from RM279 million (2003) to RM328 million (2004) is illustrative of what drives

MPB into exercising M&A activities in its expansion strategy. Further evidence is

observed when MPB proceeded to acquire two radio stations and two external

outdoor advertising firms in 2005 which corresponds to the 22% increase in the

corporation’s net revenue of RM328 million in 2004 to RM400 million in 2005

(Refer Figure 4.3).

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 d) What implication(s) do M&A activities have on media ownership in Malaysia?

Porter’s FFA is fundamentally based on the assumption that corporate rivalry

prevails in an industry. Rivalry is intense when a large number of industry players

vying for the same market exist. Horizontal acquisition as exercised by MPB in its

acquisition of ntv7, 8TV, and TV9 to add to its group of TV stations is an act of

eliminating rivals. It is healthy for the purpose of the acquirer’s business

sustenance but this phenomenon would result in unfavourable market situation

where monopoly would be the end product and consumers’ bargaining power is

weakened.

The findings allow the research to arrive at the following conclusion:

1. The mode of growth demonstrated by MPB indicates that the corporation is

offensively utilizing M&A to facilitate its growth and developing competitiveness in

terms of physical size, market size, capital size, and revenue size.

2. The corporate actions of MPB demonstrated that growth by M&A encourages

agglomeration that limits media ownership. With licenses controlled by the authority,

an accumulation of available operating licenses by one entity automatically denies

new entrants to the industry which is particularly obvious in the broadcast media.

3. Agglomerating media platforms under one corporation does not lend to the concept

of free market competition. With the expansion mode employed by MPB, the motion

along the continuum of oligopoly has reached the point of duopoly where private

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 players in the Malaysian media industry that own broadcast media as well as print

media are MPB and Astro (Satellite) TV.

4. The media agglomeration exercise by MPB may be destructive to consumers’

rights to differentiated information and opinions. MPB has demonstrated efforts to

provide differentiated programmes for its audiences as illustrated in its portfolio

segmentation scheme for its television and radio networks (Refer Table 4.5).

Entertainment programmes and market information in advertisements may be

differentiated but how best is the dissemination of information on issues that call for

differentiated opinions.

5.2 DISCUSSION

The mode of corporate growth at MPB is significantly by external expansion with an

integration of horizontal and vertical acquisitions as well as internal restructuring.

With the exception of STMB (TV3), NSTP, Grand Brilliance and TRC, the rest of its

subsidiary companies are takeovers by sales and purchase transactions of shares and

assets. STMB and NSTP were both its progenitors, while Grand Brilliance and Tiga

Events Sendirian Berhad were the result of MPB internal restructuring. The

acquisition activities took place within the time span of only three years between 2003

and 2005 with some settlement processes extending into 2007.

MPB exercises corporate acquisitions rather than total merger. The acquired entities

became new additions to its existing media platforms whereby the incoming resources

consolidated with the existing ones under a group management. At the immediate

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 effect, ntv7, 8TV, and TV9 were all acquired and placed as subsidiary entities to

MPB. Once acquisitions were completed, internal restructuring ensued and all the

acquired entities were consolidated with TV3 which now acts as the anchor company,

all under the governance of a Group Executive. Similarly, the outdoor advertising

companies, UPD and TRC, were acquired as subsidiary mergers before consolidating

them with the existing BTO, making it the anchor company headed by a Group

Executive. The two radio channels acquired went through the same process.

MPB is an example of a mega media empire in the making in Malaysia. Exploring

MPB would make visible the prevalence of a trend in the growth of the local media

industry in this age of multimedia communications. How it benefits media consumers

is yet to be judged.

5.3 CONCLUSION

The examination of the life cycle concepts in industries as well as Porter’s

competitive analysis forces had been purposeful in establishing justifications for the

presence of M&A activities in corporate growth as in the case of MPB. At the same

time, the industry life cycle model and its variations have helped in visualizing the

growth performance of MPB from 2003 to 2007.

Porter’s FAA has provided the basis for MPB’s corporate actions with regards to its

business strategies. By the FAA theory, MPB is truly on track along the road to

competitiveness. MPB is a highly competitive entity in Malaysia today in terms of

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 capital, assets, expertise, and market. It is a local media giant which can afford to

offensively employ M&A to expedite its development and growth.

The Malaysian media industry has grown from sporadic small scale operations during

the pre-war British era to increasingly larger scale operations by business

organisations. Long gone are the family owned and run media operations. In place are

corporations whose owners are identified by their percentage of share interests. In the

post war era, especially prior to independence, the growth of commercialised media

intensified but then, it was only the print media category which include newspapers,

tabloids, books and periodicals. Modern day facilities are drivers of M&A that is

instrumental in the formation of mega media companies. Consumers may stand to

enjoy better exposure to the media but may get more of the same in terms of

information and opinions.

The research came to a conclusion that M&A activities lend to the business growth of

MPB in particular, and the media industry in Malaysia in general. The factual data

and information on the corporate actions of MPB with regards to its corporate growth

shows that merger per se have not taken place at MPB as of the time of research. The

corporation thus far have been exercising acquisitions and consolidations only,

leaving the acquired companies to operate independently while MPB holds majority

interests in all of its subsidiaries. The trend of utilising pure ‘merger’ as a tool for

growth was not found at MPB but there were strong indications of a trend in

developing a “media supermarket” with all media platforms available under the single

roof of a mega corporation.

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 This research is an initial move towards understanding the extent M&A activities are

instrumental in the growth trend of the local media industry. The current research

could only afford a literature search on a single case. A complete understanding of the

situation requires an extensive research which is beyond the capacity of this research.

The indirect concern of this research is over the contributions of M&A on free market

competition and freedom of speech, particularly consumers’ rights to information and

differentiated opinions. MPB has shown efforts to create differentiated media

products by marketing its television and radio programmes according to market niche.

However, in view of the limited capacity of this research, further investigations are

recommended to establish the implications of convergences in the media industry or

to probe into other instances of convergences in the Malaysian media industry for an

empirically oriented research. Taking a similar look at other such cases would further

bring to light the growth trends in the modern day media industry in Malaysia.

5.4 RECCOMENDATIONS

The research was a novice study on an issue much talked about but least

researched in the Malaysian context. The exploration ventured has left room for

further research that would draw the true picture of the hearts and minds of the people

of Malaysia with regard to the issue.

Aware of limitations earlier anticipated, the current research may suffice as a path

finder expecting future efforts to pick up where the current research left off. As such,

a continued research in this area is very much recommended for reasons as follows:

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 1) In its limited capacity, the current research had managed a single-subject case

study, far from the ideals of the case study methodology. Developing from the case

investigated, a plural-subject case study is possible by extending the investigations to

other media entities in future researches.

2) The current research was satisfied with a document research. A diversified

technique of information gathering that may include interviews and surveys would

have enriched the findings and provided a better description of the phenomenon.

3) The models employed were, to the best knowledge of the researcher, long-standing

highly acclaimed business management tools. The models employed in the research

were not taken as true performance measurement tools but they had been purposeful

as the basis to describe and justify the corporate actions of the subject of research with

regards to the phenomenon. Options are open for future researches to employ other

management models that provide a more exact measurement of corporate

performances particular to the media industry.

4) The research sought to address the phenomenon of merger in the growth trend of

the Malaysian media industry from the perspectives of economic demands with slight

implications on the social demands relating to communications and the dissemination

of information. Future researches into such areas of concern are applauded.

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