Abu Dhabi: The National, an Abu Dhabi-based daily newspaper, announced on Wednesday it has been acquired by International Media Investments, which is buying the paper from its current owner, Abu Dhabi Media.
The National will remain under Abu Dhabi Media until arrangements have been concluded for the transfer of operations to new premises.
The companies did not disclose the value of the acquisition or whether International Media plans to make changes to the business or eliminate jobs, but said the paper will maintain presence in print media.
“The 21st century media landscape, dominated by digital platforms, especially mobile, offers new opportunities for The National to develop and extend its voice while maintaining a robust presence as a traditional print asset,” said a joint statement issued by International Media and Abu Dhabi Media.
International Media is owned by Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, who also owns Manchester City Football Club.
The announcement is the latest in a series of mergers and acquisitions in the UAE as companies across different industries — including banking, energy, media, property, and construction, among other — attempt to restructure and trim costs.
While no reason was given for the acquisition, lower subscriptions and lower advertisement revenues have been taking a toll on companies media companies globally, including The Wall Street Journal, The New York Times, and even Thomson Reuters, which announced two weeks ago it is eliminating 2,000 jobs worldwide.
