S’pore digital publication RICE Media will get acquired

Co-founder Mark Tan had initially thought of shutting down the positioning

Homegrown digital publication RICE Media has been acquired by Hustle Studios, the content material company arm of inventive academy Hustle Singapore.

In line with an announcement made on RICE Media’s web site, the acquisition marks a brand new chapter for the publication, bringing collectively its editorial voice and viewers neighborhood with Hustle’s experience in inventive coaching, facilitation, and trade programmes.

The deal formalises a long-standing partnership between the 2 organisations, which have beforehand collaborated on initiatives aimed toward growing inventive abilities for Singapore audiences.

Beneath Hustle Studios, RICE is predicted to increase past publishing into workshops, neighborhood programmes, and different experiences that have interaction readers in additional interactive and participatory methods.

Monetary phrases of the deal weren’t disclosed.

RICE Media was based in 2016

Based in 2016 by former lawyer Mark Tan and Julian Wong, RICE Media billed itself as an unbiased publication that provided an unfiltered tackle Singapore and Asia. It turned identified for its long-form tales and commentaries on Singapore’s information and tradition.

“We began RICE as a result of we believed Singaporeans deserved sincere, considerate storytelling about their very own lives,” stated Mark Tan, outgoing founder and CEO. “I feel we’ve largely achieved that mission.”

Co-founder Wong added that the acquisition aligns with the publication’s long-term imaginative and prescient. “We’ve constructed extra than simply content material… we’ve constructed a neighborhood. Hustle shares that imaginative and prescient, and we’re assured they’re the suitable companions to assist RICE evolve,” he stated.

Tan stated he had initially thought of shutting down the positioning however finally determined the publication nonetheless had a task to play. “The transaction and the cash coming in would permit me to settle many of the liabilities and likewise pay individuals a severance bundle, so I feel it’s actually essentially the most accountable factor for me to do,” he stated.

The purpose just isn’t merely to keep up what RICE has been, however to “develop into what its neighborhood has been asking for.” Throughout this transitional part, Tan and Wong will stay concerned in an advisory capability, whereas RICE continues to publish content material for its viewers.

Additional bulletins about new programming and neighborhood initiatives will comply with within the coming months.

Featured Picture Credit score: RICE Media/ Excessive Web Price