Acquisition Announcement
On September 3, 2026, ITP Media Group, one of the largest media companies in the Middle East, disclosed that it has acquired Singapore‑headquartered Heart Media Group, a leading luxury and lifestyle media house. The deal marks the first entry of ITP into three new international markets – Hong Kong, Malaysia and Singapore – and expands its footprint to a total of ten countries.
Strategic Scope and Audience Reach
The combined entity will operate in regions home to more than 2 billion people, linking brands with affluent consumers across the Gulf Cooperation Council (GCC), India and the Asia‑Pacific. Heart Media’s portfolio of titles—including ELLE, Esquire, Grazia, LUXUO, Men's Folio, NOBLE, WOW (World of Watches) and Yacht Style – targets high‑net‑worth audiences, giving ITP immediate access to new customer segments.
Market Context
South‑East Asia’s media and entertainment sector is expanding at 6 % per year, with certain markets growing as fast as 8.4 % (PwC Global E&M Outlook). Hong Kong has overtaken Switzerland as the premier hub for cross‑border wealth, hosting over 4,000 single‑family offices across Hong Kong and Singapore—a four‑fold increase over the past five years (BCG Global Wealth Report). Malaysia is projected to see a 20 % rise in ultra‑high‑net‑worth individuals over the next five years (Knight Frank).
Leadership Comments
ITP Media Group CEO Ali Akawi stated that the acquisition strengthens the group’s foundation for scaling platforms, embracing new media technologies and delivering world‑class storytelling to a global audience. He emphasized a multi‑year expansion roadmap focused on massive global scale through targeted acquisitions.
Heart Media Group CEO Olivier Burlot, who has driven the company’s annual growth across Asia, will join the ITP Media Group board and continue providing strategic licensing direction for owned and operated products. Burlot highlighted that joining ITP offers the scale, investment and bridge needed to serve the fastest‑growing luxury markets.
Operational Integration and Investment
Heart Media’s brands and teams will operate under the ITP Media name, with a phased equity transition designed to preserve editorial identity, client relationships and audience trust. ITP has earmarked investment to bolster existing teams, support local economies and create job opportunities across editorial, digital, design and live‑event functions. The group plans to launch cross‑border digital media, events, gaming tournaments, brand activations and live sporting experiences, providing luxury brands with a streamlined platform for advertising and sponsorship across multiple high‑net‑worth markets.
Expanded Portfolio and Reach
Prior to the acquisition, ITP Media operated in India, Lebanon, Saudi Arabia, the UAE, the United Kingdom, the United States and Qatar. Since its founding in 1987, the company grew from a single B2B brand with five staff to a multinational business serving a monthly audience of over 200 million people. With the addition of Heart Media, ITP now manages 90 brands and maintains a physical presence in 10 countries.
Related Developments
The acquisition follows a recently announced 10‑year agreement with Time Out to operate Time Out Hong Kong and Time Out Singapore. Wilson Lim will continue as Managing Director for ITP Media Singapore and ITP Media Malaysia, overseeing executive and management duties across both offices.