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AMTD adding The Art Newspaper to its global media portfolio after L’Officiel
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
AMTD Group has announced its acquisition of The Art Newspaper, with plans to move its headquarters to Paris. Dr. Andrew Yuen Wei-man has been appointed to the board of directors of AMTD Digital Media and Entertainment Group to support AMTD's work in promoting French culture. This acquisition strengthens AMTD's presence in the art and culture industry.
Positive
AMTD's acquisition of The Art Newspaper will strengthen its presence in the art and culture industry.
The move of The Art Newspaper's headquarters to Paris shows AMTD's commitment to expanding its presence in France.
Dr. Andrew Yuen Wei-man's appointment to the board of directors will provide guidance and support for AMTD's efforts in promoting French culture.
Negative
None.
PARIS--(BUSINESS WIRE)--
AMTD Group Inc. (“AMTD Group”), alongside with AMTD IDEA Group (NYSE: AMTD; SGX: HKB) (“AMTD IDEA”) and AMTD Digital Inc. (NYSE: HKD) (“AMTD Digital”), together as “AMTD”, announced that an agreement to acquire The Art Newspaper globally was executed. Closing will be subject to customary conditions.
(Photo: Business Wire)
AMTD announced this acquisition as part of the commitment to step up its overall presence in France, including a plan to move the headquarters of The Art Newspaper to Paris. As part of AMTD’s overall initiatives and strategic roadmap, Dr Andrew Stephen Yuen Wei-man, (Chevalier dans l'Ordre de la Légion d'honneur, Chairman emeritus of the Le French May cultural festival, government appointed board member of the Hong Kong Palace Museum, co-Chairman of the Hong Kong Cancer Fund and Vice-President of the Society of the Academy for Performing Arts), has been appointed to the board of directors of AMTD Digital Media and Entertainment Group, a subsidiary of AMTD Digital, to support and guide AMTD’s ongoing work and contributions to promote French culture and its linkage with Hong Kong and across Asia.
Dr Andrew Yuen commented, “It’s my honour and pleasure to serve on the board of AMTD Digital Media and Entertainment Group alongside our chairman with whom we share the same vision of promoting cross cultural exchanges between France and Asia.”
The deal was inked a year after the integration of L'Officiel’s global media business into AMTD. Dr Calvin Choi (Chevalier dans l’ordre des Arts et des Lettres), AMTD Group’s Chairman, as well as Dr Andrew Yuen were invited by the French government to attend the Choose France Summit in Versailles in person. L'Officiel, a 102-year-old French publication, currently reaching over 100 million users worldwide, represents one of the oldest fashion media of the world. With its distinct French voice, L'Officiel stands for elegance and sophistication across the world and it has long been regarded as one of the world’s bibles of fashion. AMTD has chosen France to establish its international headquarters for AMTD Digital Media and Entertainment Group, recognizing France as a global country in the heart of Europe.
The Art Newspaper, an online and print publication that covers the international art world, was founded in 1990 by Umberto Allemandi and Anna Somers Cocks on the original concept of Il Giornale dell'Arte, founded 1983. The Art Newspaper International Edition has offices in London and New York. Its unrivalled news and events coverage is fed by a network of sister editions, which together have more than 50 correspondents working in more than 30 countries, with editorial offices in Paris, Moscow and Shanghai. In 2014, Inna Bazhenova became the owner of The Art Newspaper International Edition and the licensed network in China, Greece, France and Russia.
The Art Newspaper has enjoyed its global reputation as the journal of record for the art world, and the leading voice of the art industry.
The Art Newspaper’s international network includes:
The Art Newspaper International Edition, London and New York; founded in 1992; The Art Newspaper Russia, Moscow, founded in 2012; The Art Newspaper China, Shanghai, founded in 2013; The Art Newspaper France, Paris, founded in 2018. The latest addition to the network are The Art Newspaper Israel, founded in 2019 and The Art Newspaper Turkey, founded in 2023. Il Giornale dell'Arte continues to be a partner of The Art Newspaper.
In addition to a 100-plus-page monthly print edition, The Art Newspaper provides a daily online news service, as well as a daily newsletter and weekly podcast. It also produces special daily editions at the Art Basel fairs in Basel, Miami Beach and Hong Kong and at the Frieze fairs in London, Los Angeles and New York, to name a few. The Art Newspaper is also known for its in-depth reports on annual museum attendance figures and the year's forthcoming exhibitions compiled in The Year Ahead magazine.
Dr. Calvin Choi, Chairman of AMTD Group and L’Officiel, commented, “At AMTD, we aim to build and continuously expand our multi-media presence and establish our leading media brands and publication services in selected areas and spaces, including fashion and design, art and history, entertainment and culture etc. We embrace digital transformation to create our global voice to empower and enable positive impact and innovation of the modern world, building on the foundation of human history and heritage of civilisation.”
AMTD IDEA Group’s Chairman Dr. Feridun Hamdullahpur commented, “Such a strategic acquisition connected to art and culture is another important milestone by AMTD resulting in the buyout of the world renowned The Art Newspaper. This acquisition further establishes AMTD’s solid global leadership in the art, culture, and, naturally, fashion circles. I am particularly pleased with the decision of moving the headquarters of the magazine to Paris to join the headquarters of L’Officiel. This is a critical and strategic step as AMTD confidently forges ahead deepening its impact in the investment, Art and culture, and fashion world. On behalf of the Board of Directors, I extend my congratulations to the Executive Team, and welcome Andrew Yuen to the AMTD Family.”
About AMTD Group
AMTD Group is a conglomerate with core business portfolio to span across financial services, digital solutions, media and entertainment, education and training, and premium real estate assets.
About AMTD IDEA Group
AMTD IDEA Group, formerly known as AMTD International Inc. (NYSE: AMTD; SGX: HKB) represents a premier Asia financial institution and digital solutions group connecting companies and investors from Asia, including China and Hong Kong as well as the ASEAN markets with global capital markets. Its comprehensive one-stop financial services plus digital solutions platform addresses different clients’ diverse and inter-connected financial needs and digital requirements across all phases of their life cycles. Leveraging its deep roots in Asia and its unique eco-system — the "AMTD SpiderNet" — AMTD IDEA Group is uniquely positioned as an active superconnector between clients, business partners, investee companies, and investors, connecting the East and the West. For more information, please visit www.amtdinc.com or follow us on Twitter at @AMTDGroup.
About AMTD Digital Inc.
AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform in Asia. Its one-stop digital solutions platform operates four main business lines including digital financial services, SpiderNet ecosystem solutions, digital media, content and marketing, as well as digital investments. It is the fusion reactor at the core of the AMTD SpiderNet ecosystem and empowers and integrates the various digital businesses within its ecosystem. For AMTD Digital’s announcements, please visit https://ir.amtdigital.net/investor-news.
About Art Newspaper
The Art Newspaper, founded in 1990 is an online and print publication that covers the international art world. The Art Newspaper Group headquarters is currently in London. Its unrivalled news and events coverage is fed by a network of sister editions, which together have more than 50 correspondents working in more than 30 countries, with editorial offices in Paris, Moscow and Shanghai.
The Art Newspaper has enjoys a global reputation as the journal of record for the art world, and the leading voice of the art industry.
The Art Newspaper’s international network includes:
The Art Newspaper International Edition, London and New York; founded in 1992; The Art Newspaper Russia, Moscow, founded in 2012; The Art Newspaper China, Shanghai, founded in 2013; The Art Newspaper France, Paris, founded in 2018. The latest addition to the network is The Art Newspaper Israel founded in 2019 and The Art Newspaper Turkey founded in 2023. The Italian Il Giornale dell'Arte is also a partner of The Art Newspaper network.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the beliefs, plans, and expectations of AMTD IDEA Group and AMTD Digital Inc., are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the filings of AMTD IDEA Group and AMTD Digital Inc. with the SEC. All information provided in this press release is as of the date of this press release, and AMTD IDEA Group and AMTD Digital Inc. do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
