ITP Media Group Acquires Heart Media Group for Over $1 Billion

Dubai-based media giant ITP Media Group has made a significant move by acquiring Singapore-headquartered Heart Media Group, a leading luxury and lifestyle media house. This acquisition, valued at over $1 billion, marks a major step in ITP Media Group’s expansion strategy and positions the company as one of the world’s leading independently-owned media groups.

The deal, which is set to boost ITP Media Group’s presence in the Asia-Pacific region, sees the company expand into three new markets: Hong Kong, Malaysia, and Singapore. Heart Media Group, known for its portfolio of luxury and lifestyle publications, will now operate under the ITP Media name, ensuring a smooth transition and maintaining editorial integrity.

With the acquisition, ITP Media Group aims to capitalize on the growing demand for luxury and lifestyle media among wealthy audiences in Asia. According to PwC's Global E&M Outlook, the media and entertainment industry in Southeast Asia is expanding at a rate of 6% annually, with some markets experiencing growth rates as high as 8.4%. Additionally, Hong Kong has surpassed Switzerland as the top hub for cross-border wealth, and there are now over 4,000 single-family offices in Hong Kong and Singapore, quadrupling over the past five years.

Heart Media Group’s brands, including ELLE, Esquire, Grazia, LUXUO, Men’s Folio, NOBLE, WOW (World of Watches), and Yacht Style, will provide ITP Media with access to a new customer base of affluent consumers. ITP Media Group’s CEO, Ali Akawi, stated, "At its core, ITP Media Group has always been about creating powerful content that connects people. As we look forward, our roadmap is focused on massive global scale. We are committed to a multi-year strategy of expansion and targeted acquisitions to build a media ecosystem capable of reaching billions worldwide."

Olivier Burlot, CEO of Heart Media Group, will now join the ITP Media Group board. He commented, "When we built Heart Media, the ambition was always to give Asia's luxury and lifestyle audiences media truly worthy of them. Joining ITP is the natural next chapter, it takes everything we have created and gives it scale, investment and a bridge into one of the world's fastest-growing luxury markets. I am proud of what our teams across Asia have built and genuinely excited by what they can now do with ITP's reach behind them."

Wilson Lim will continue as Managing Director of ITP Media (Singapore) & ITP Media (Malaysia), overseeing executive and management duties across the offices. The acquisition is part of ITP Media Group’s broader strategy to strengthen its global presence and invest in new media technologies. The group has earmarked investment to support the acquisition, including bolstering existing teams and creating job opportunities in editorial, digital, design, and live events.

This move follows ITP Media Group’s recent announcement of a 10-year agreement with Time Out to operate Time Out Hong Kong and Time Out Singapore. Since 1987, ITP Media has grown from a single B2B brand with five staff to a multinational business with offices across Asia, Europe, the Middle East, and North America, serving monthly audiences of over 200 million people. With this acquisition, ITP Media now has a physical presence in 10 countries and a portfolio of 90 brands.

Through this acquisition, ITP Media Group aims to accelerate its growth and provide luxury brands with a streamlined cross-border platform, enabling advertising and sponsorship opportunities that connect with high-net-worth audiences across multiple markets.