Reflection: Beyond the Numbers - The Transformative Journey of Big Old Media Company and TEA
Disclaimer Note: The following account is based on my personal experience leading end-to-end M&A activities. For confidentiality and legal purposes, the names of the companies have been changed, and any resemblance to real organisations is purely coincidental. This article is intended solely for educational purposes and aims to share insights and lessons learned with the professional community. It does not reflect the views of any specific company or entity.
Beyond the Numbers: The Transformative Journey of Big Old Media Company and TEA
It all began over coffee. Somewhere in a quiet restaurant in Dempsey, the leaders of TEA and Big Old Media Company (BOMC) found themselves in a conversation that went beyond small talk. They spoke about the challenges of running a media business in an increasingly digital world, the hunger for fresh ideas, and the vast opportunities in Southeast Asia’s thriving tech ecosystem.
It was an unassuming meeting, but by the end of it, a seed was planted. Months later, in late 2023, that conversation blossomed into a groundbreaking merger. BOMC announced its acquisition of TEA. For BOMC, it was a bold step to embrace a younger, tech-savvy audience. For TEA, it was a chance to secure resources and expand its mission-driven vision. Together, they embarked on a journey that they hoped would reshape the regional media landscape.
A Shared Vision in a Changing Industry
For over a decade, TEA has been the go-to platform for tech enthusiasts and startup founders across Asia. Founded in 2009 as a personal blog, it grew into a trusted source of news, insights, and events. TEA’s annual conferences drew thousands, while its media offerings became indispensable for understanding the region’s fast-evolving startup ecosystem.
BOMC, on the other hand, represented legacy media. Known for its stalwart publications like the Old National Newspaper and the Old Business-Focused Newspaper, it dominated print and digital news in Singapore. Yet, the rise of digital platforms and shifting reader preferences meant BOMC needed to innovate—or risk losing relevance.
The two companies were paper and keyboard apart. TEA was nimble and entrepreneurial; BOMC was established and methodical. But both shared a common challenge: staying relevant in an era of digital disruption. The deal became not just about financial returns but about reimagining the role of media in a rapidly changing region.
The Merger: Navigating Complexity
When BOMC announced its intention to acquire TEA, it sparked excitement and curiosity. The details revealed a deliberate and well-thought-out plan. BOMC pledged to let TEA operate independently for 12–18 months post-merger to preserve its innovative spirit while ensuring a smooth cultural integration.
For BOMC, the jewel in TEA’s crown wasn’t just its newsroom but its events business. TEA’s flagship conferences and meetups, particularly in Singapore and Jakarta, had become must-attend gatherings for the tech community. These events presented BOMC with an opportunity to tap into an entirely new revenue stream and deepen its regional presence.
For TEA, this meant navigating the pressures of being part of a corporate giant while retaining the freedom that had fueled its success. However, challenges loomed. BOMC’s structured, hierarchical culture needed to adapt to TEA’s agile, experimental approach.
Turning Challenges Into Opportunities
The integration process revealed some hard truths about merging two distinct entities. Early on, BOMC leadership recognized the importance of open communication. Regular town halls, collaborative workstreams, and cross-company task forces became staples of the post-merger environment.
It wasn’t always smooth sailing. For example, aligning editorial standards required extensive discussions. BOMC’s newsroom was steeped in traditional journalistic practices, while TEA thrived on fast-paced, community-driven storytelling. But by focusing on shared values—such as a commitment to quality and relevance—the teams found common ground.
On the events front, the synergies became apparent quickly. TEA’s expertise in organizing tech conferences complemented BOMC’s corporate muscle, leading to double-digit growth in sponsorship revenue within just six months. Collaborative events, such as a joint summit in 2024 under the Old Business-Focused Newspaper banner, demonstrated the power of the partnership.
A Tale of Two Cultures
Perhaps the most compelling part of the story was the cultural journey. For BOMC employees, working with TEA’s team felt like stepping into a startup for the first time. Decisions were made quickly, experiments were frequent, and failures were treated as learning opportunities.
For TEA’s team, the transition brought its own lessons. They gained access to BOMC’s vast resources and experienced the nuances of its structured and hierarchical culture, necessary for operating within a larger organization. A sense of shared purpose emerged as both sides realized the potential impact of their combined efforts.
Lessons for the Future
Looking back, the BOMC-TEA merger offers a blueprint for successful acquisitions in the media world:
Empathy Drives Integration – Respecting the culture and identity of the acquired company is as important as financial metrics.
Focus on Shared Goals – By rallying around a common mission—enhancing media’s role in Southeast Asia—the two companies achieved alignment despite their differences.
Leverage Complementary Strengths – BOMC’s scale and TEA’s agility proved to be a winning combination, creating value that neither could achieve alone.
The Road Ahead
Today, the partnership is still evolving. While the merger has already yielded tangible benefits, such as stronger event revenues and an expanded audience base, the true test will be how the companies adapt to future challenges.
Will TEA retain its innovative edge within the BOMC fold? Can BOMC fully embrace a more digital, entrepreneurial mindset? These questions remain unanswered, but one thing is clear: this is a partnership built on possibility.
I reflect on this journey not just as a business deal but as a lesson in adaptability, collaboration, and vision. The BOMC-TEA merger isn’t just a story about balance sheets and synergies—it’s a story about people, purpose, and the power of working together to build something greater than the sum of its parts. It is a true tale of one plus one equals three.