Hong Kong’s media giant, Next Digital, has enraged employees by announcing that they are going through a digital transformation. In simple words, Next Digital is selling most of its magazines for $500 million. Up on the block are Sudden Weekly, Face, Me!, Next magazine and even the digital platform Next+One. More than HK $320 million will be infused into the Next Digital platform and HK $180 million will go to the magazines.
Next Digital has run into a loss since apst few years. Last fiscal, it recorded HK $393 million in losses. Before that, the loss was a staggering HK $450 million. Employees say that the news has come as a surprise for them, even as reports of the founders saying that they will retain most if not employees.