Malaysian media group, Media Prima, has acquired Korean partner CJ ENM’s 51% stake in four-and-a-half-year-old home shopping venture, CJ Wow Shop, saying this evening that the unit would become a wholly owned subsidiary.

Media Prima described the acquisition as “part of the Group’s transformation plan to tap into the strong prospects of the home shopping and e-commerce industry”.

Declaring that “all parties are committed to ensuring a seamless transition”, Media Prima also said CJ ENM would continue to provide consultancy and technical support as well as content.

Media Prima group MD, Iskandar Mizal Mahmood, said CJ Wow Shop “has been and will continue to be one of the key growth areas for the Group”.

CJ Wow Shop has about two million registered customers and produces over 100 live show slots every month.

85% of its products are locally sourced.

CJ Wow Shop contributed over RM230 million/US$56 million to the Group’s revenue in 2019, and posted a first half 2020 net profit of RM6.3 million/US$1.5 million.