AMTD Announces Successful Completion of 100% Acquisition of “The Art Newspaper”

Rhea-AI Summary

AMTD Digital has successfully closed the acquisition of The Art Newspaper as part of their strategic roadmap to develop global media and entertainment businesses.

Positive

• The acquisition of The Art Newspaper is an important part of AMTD's overall initiatives and strategic roadmap.
• AMTD aims to develop global media and entertainment businesses and make it one of the core pillars of AMTD Group.
• Last year, AMTD acquired 100% of L'Officiel SAS Inc., a world-leading fashion media group.
• Dr. Calvin Choi, global chairman of AMTD Group and L'Officiel Inc SAS, will serve as the global chairman of The Art Newspaper.
• Mr. Mark Lo, CEO of AMTD Digital, will serve as a board member of The Art Newspaper.
• Dr. Feridun Hamdullahpur, an independent director of AMTD, will serve as an independent board member of The Art Newspaper.

Negative

• None.

PARIS & NEW YORK & SINGAPORE--(BUSINESS WIRE)-- AMTD Digital Inc. (NYSE: HKD) (“AMTD Digital”), alongside with AMTD Group Inc. (“AMTD Group”) and AMTD IDEA Group (NYSE: AMTD; SGX: HKB) (“AMTD IDEA”), through AMTD World Media and Entertainment Group, together as “AMTD”, announced that the previously announced acquisition of The Art Newspaper globally through several phases of transaction processes has been closed successfully, being an important part of AMTD’s overall initiatives and strategic roadmap to develop global media and entertainment businesses to becoming one of the core pillars of AMTD Group under the “IDEA” strategy. Last year, AMTD announced the successful acquisition of 100% of L’Officiel SAS Inc. globally, a more than 100-years old and world leading fashion media group to encompass businesses across 30 countries on a worldwide basis.

(Photo: Business Wire)

Dr. Calvin Choi, global chairman of AMTD Group and L’Officiel Inc SAS and founder of AMTD IDEA and AMTD Digital will serve as the global chairman of The Art Newspaper; Mr. Mark Lo, chief executive officer and executive director of AMTD Digital, will serve as a board member of The Art Newspaper; while Dr. Feridun Hamdullahpur, an independent director of AMTD, will serve as an independent board member of The Art Newspaper.

The Art Newspaper is world leading and authoritative art media company that covers the international art world since 1990. Its unrivalled news and events coverage is fed by a network of international editions, altogether connecting with more than 50 correspondents working in more than 30 countries, with editorial offices in Paris, Moscow and China.

The Art Newspaper enjoys world renowned reputation as the journal of record for the art world, and the bible of the art industry. It also publishes reviews and commentary by major players in the art scene. 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 commented, “The Art Newspaper represents the top standard and official voice and records for the art world. The successful acquisition will allow us to focus on long-term value creation and develop more diversities with our larger footprint in the global media and culture world, further solidate our leadership position to deliver comprehensive cultural insights and VIP experiences to our clients and business partners.”

Mark Lo commented, “We are pleased to conclude the acquisition of Art Newspaper and will continue to pursue our expansionary plan in the world multi-media space. With the inclusion of a world class leading Art media, we believe our digital transformation strategy will cope well alongside with our expansion into leading media titles to tap into areas including fashion, art and entertainment segments.”

About AMTD Group

AMTD Group is a conglomerate with core businesses to span across financial services, digital solutions, media and entertainment, education and training, and premium assets and hospitality services.

About AMTD IDEA Group

AMTD IDEA Group, formerly known as AMTD International Inc. (NYSE: AMTD; SGX: HKB) represents a diversified institution and digital solutions group connecting companies and investors with global capital markets. Its comprehensive one-stop business services plus digital solutions platform addresses different clients’ diverse and inter-connected business needs and digital requirements across all phases of their life cycles as well as hospitality and VIP services. Through our 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 headquartered in France. Its one-stop digital solutions platform operates four main business lines including digital solutions services, digital media, content and marketing services, digital investments as well as hospitality and VIP services. 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 AMTD World Media and Entertainment Group

AMTD World Media and Entertainment Group is jointly setup by AMTD Group, AMTD IDEA Group and AMTD Digital Inc., headquartered in France, to embark and focus on global strategies and developments of a multi-media, entertainment and cultures worldwide platform, AMTD WME will comprise of L’Officiel Inc. SAS, The Art Newspaper, DigFin, various movie and entertainment projects and L’Officiel Coffee, etc in its business portfolio.

About The 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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231020425049/en/

For AMTD IDEA Group:

IR Office

AMTD IDEA Group

EMAIL: ir@amtdinc.com



For AMTD Digital Inc.:

IR Office

AMTD Digital Inc.

EMAIL: ir@amtdigital.com

Source: AMTD Digital Inc.

FAQ

What is the significance of the acquisition of The Art Newspaper for AMTD?

The acquisition is an important part of AMTD's strategic roadmap to develop global media and entertainment businesses.

Who will be serving in key positions at The Art Newspaper?

Dr. Calvin Choi will serve as the global chairman, Mr. Mark Lo will be a board member, and Dr. Feridun Hamdullahpur will be an independent board member.

What other acquisitions has AMTD made in the media industry?

AMTD previously acquired 100% of L'Officiel SAS Inc., a world-leading fashion media group.

What is the focus of AMTD's expansion in the media industry?

AMTD aims to expand into leading media titles in areas including fashion, art, and entertainment.