Media Prima Bhd has acquired the remaining stake in its home shopping segment CJ Wow Shop, making it a wholly-owned subsidiary of the group. The company said the acquisition was part of its transformation plan to tap into the strong prospects of the home shopping and e-commerce industry.

The group, via Sistem Televisyen Malaysia Bhd (STMB), bought a 49 per cent stake in MP CJ ENM Sdn Bhd from South Korean entertainment company CJ ENM Co Ltd. “The acquisition supports Media Prima’s plan to grow the commerce segment further. The sale and purchase negotiated between the group and CJ ENM will ensure a smooth business transition of CJ Wow Shop’s operations,” it said.

Media Prima group managing director Datuk Iskandar Mizal Mahmood said having built the brand and with key infrastructures in place, the group had achieved the primary objectives of the joint venture. “We are confident that critical knowledge and know-how of the business have been fully achieved. CJ Wow Shop has been and will continue to be one of the key growth areas for the group.

“Looking at its performance in previous years and in the last few months, we are fully confident of the potential of this segment,” he said.