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ublicly listed Indonesian media outlet Tempo Inti Media expects that a future strategic partner will help develop its online arm in the face of a revenue squeeze.

The company, popularly known as Tempo, is currently in the process of releasing its online portal, called tempo.co, as a separate entity as part of efforts to consolidate its business, a Tempo executive has said.

Tempo Inti Media president director Bambang Harymurti said the company was seeking a potential strategic partner to take part in its new plan.

He said the company was in “serious” discussions with prospective candidates, but declined to provide further details.

“I’m still bound by a non-disclosure agreement, so I can’t tell now,” he said on Wednesday. Bambang also declined to mention the amount of funds it is seeking from the spin-off.

He said the main thing Tempo wanted from a potential partner was that its values should be in accordance with those of the company, namely “trustworthy, independent and professional”.

“Of course, the prospective strategic partner that we seek should complement both parties’ strengths and weaknesses.”

The spin-off is part of Tempo’s efforts to improve its business performance this year in response to revenue pressures in 2015 that saw a decrease in demand for its services.

Last year, Tempo booked a 25.4 percent decrease in revenue to Rp 252.5 billion (US$18.4 million) as the company saw declines in publishing demand after the 2014 presidential election.

In 2014, the company printed ballots for general and presidential elections that produced revenue worth Rp 38 billion as explained by its management during a shareholder meeting on Tuesday.

Despite falling total revenues, the company booked Rp 6.58 billion in net profit last year and Rp 132.7 billion in advertising revenue, which grew 10.6 percent year-on-year (yoy).

Its digital circulation also grew 94 percent yoy, the management said.

Toriq Hadad, Tempo’s marketing and business development director, predicted that revenue from advertisements and circulation could grow between 15 and 20 percent this year. For 2016, Bambang said the company expected to see a 7 percent yoy increase in total revenues to Rp 269 billion.

A set of new business strategies will support the target, including its spin-off plan and revenue from prospective tenants renting office spaces in its new building located in Palmerah, West Jakarta.

Tempo will remain with its strategy of combined digital and physical outlets, which Bambang claimed as “the most secure” form of business.

He said the combination created a mutual exchange of costs, revenue and profit. “There will be efficiency when we apply the digital economy doctrine, which boasts ‘produce once and sell many times’,” he said.