Kuala Lumpur – Malaysian media conglomerate Media Prima Berhad has been forced to scale back overseas expansion plans, and shift away from “expensive” acquisition targets such as television companies. Media Prima, which owns all of Malaysia’s free-to-air TV stations including TV3, ntv7 and 8TV, created a private equity fund in April this year to fuel aggressive regional growth. However, Media Prima International’s group CEO Farid Ridzuan has said that the company will now adopt a more prudent acquisition strategy as global economic pressures bite. “We are still proceeding with our expansion plans, but are being more selective about the companies we talk to,” he said. “We’re looking at more affordable assets, which will probably mean that TV stations prove too expensive for us.” After forming the Strategic Media Fund in April, Media Prima entered a block airtime deal with Philippine network ABC5, which it plans to rebrand and relaunch. The company has also hinted that it plans to enter Vietnam and other emerging markets should opportunities arise in 2009. Farid added that Media Prima is considering setting up a consultancy business based on a history of turning around struggling media businesses. Media Prima has enjoyed strong year-on-year growth since 2003, when it was formed from the de-merger of Malaysian Resources Corporation Berhad, which owned the then struggling national broadcaster TV3, and New Straits Times Press. “We are thinking of shifting gears and starting a consultancy business. We can use these tough times to our advantage and leverage our experience in turning around ailing brands,” he said.