KARACHI: Pakistani-Australian entrepreneur and social activist, Tamjid Aijazi, has acquired 50 percent stake in The News Tribe, Pakistan’s largest independent bi-lingual news website for an undisclosed amount.
Launched in 2011 from the United Kingdom, The News Tribe emerged as one of the leading independent news websites of the country for its extensive, timely and round the clock news coverage of local and international events and developments.
Within just three years of its launching, The News Tribe was among the top 50 websites and top 10 news websites of Pakistan, leaving behind Jang, Geo, DAWN and Express Tribune in ranking.
The acquisition agreement was signed at a small ceremony in Karachi.
Sharing his views after the acquisition, Tamjid Aijazi said “Traditional print and electronic media are dying and media organisations across the globe are experiencing an irreversible crisis. It’s time to be innovative and collectively work towards developing a robust and sustainable business model for the global media industry.”
“We have the vision to be one of the largest profitable producers and distributors of meaningful content in the world. This acquisition is our first step in that direction,” Tamjid Aijazi added.
With the fast development of technology, digital media has evolved as an alternative to electronic and print media across the globe. It has changed the media landscape, with leading media houses and news outlets paying greater attention to and expanding their digital platforms.
Tamjid Aijazi added, “While The News Tribe aims to be a worthy, reliable and authentic source of news, it will soon be launching its own video streaming service for entertainment related content, Artificial Intelligence based news generation products and a performance-driven financial model for the content industry.”
He announced that The News Tribe will be relaunched on Saturday March 30, 2019, at a mega event in Karachi, Pakistan and subsequently in Dubai and Australia.
The News Tribe executive team will also be participating in Startup Turkey from 26-29 April, as they have been selected as the top and promising startups of 2019.