CNET Partners with Asiacontent.com to Form CNET Asia Joint Venture
New Company Will Commit US$13 Million to Extend CNET Brand and Reach in Asia
SAN FRANCISCO and SINGAPORE, Jan. 12 /PRNewswire/
-- CNET Inc. (Nasdaq: CNET) and Asiacontent.com, a leading Asian Internet
media network, today announced a joint venture to create CNET Asia, a
collection of Internet sites bringing localized technology news, reviews,
product comparisons and shopping services to Asian audiences.
The new agreement significantly deepens the existing licensing deal
between CNET and Asiacontent.com. Both partners will co-invest to fund this
aggressive expansion. CNET retains an option to purchase Asiacontent.com's
share of the venture, at a predetermined price.
Since the launch of Singapore CNET.com in February 1998, the two companies
have already rolled out successful local CNET sites in Hong Kong, Taiwan and
Malaysia. The new agreement will extend CNET Asia's local reach to include
sites for China, South Korea and India. The deal also expands
Asiacontent.com's opportunity to create, incorporate and manage CNET branded
services in Asia.
According to IDC Research, Asia/Pacific PC sales reached a record high in
1999, achieving 41% growth in the third quarter over the same period in 1998.
Goldman Sachs estimates the non-Japanese Asian Internet user base will grow
from 14.3 million in 1998 to 202 million in 2003.*
With CNET Asia, CNET and Asiacontent.com will galvanize their commitment
to serving this important audience of Asian computer and technology buyers,
and will open new opportunities for technology marketers to reach this growing
group of consumers.
For Asian consumers, the new entity will offer a full range of services
including news, reviews and product information translated to local languages.
Additionally CNET Asia will continue to adapt CNET's most successful products,
such as CNET Download.com's extensive catalogue of free software downloads,
CNET Computers.com and CNET Shopper.com, to help buyers find the right
technology products.
The relationship marks the first in a variety of ventures that will be
undertaken by CNET to approach different international markets in the coming
year. "The joint venture with Asiacontent.com reflects the huge opportunity to
be gained in serving international markets," said Richard Marino, President of
CNET." Maximizing Asiacontent.com's deep understanding of the Asian market, we
further solidify our commitment to servicing computer buyers around the globe
by providing them with the forum to meet merchants and manufacturers, and
bringing them the best information available, in ways that address their local
needs."
"The past two years have demonstrated that our Asian audiences are
passionate about technology," said Chris Justice, CEO of Asiacontent.com. "Our
partnership with CNET reflects our commitment to delivering the most
competitive online offering in each of our markets, and to providing our
advertisers with access to one of Asia's most valuable demographics." Justice
added, "After a two year engagement, both parties feel that we are prepared
for marriage. We believe that this endorses Asiacontent.com's core strategy:
to partner with the world's leading Internet brands to build Asia's most
valuable web businesses."
About CNET
CNET, Inc. is at the leading edge of media companies, producing a branded
Internet network and television programming for both targeted and general
audiences. Online and on television, CNET is the leading authority on
computers, the Internet and digital technologies. CNET is the fifteenth
largest property on the Internet, with 9.4 million unique users per month.**
CNET television programming airs on CNBC and in national syndication, as well
61 foreign countries.
About Asiacontent.com
Asiacontent.com Ltd., whose first subsidiary was Singapore-based Tricast
in 1997, is an Internet media network of local Asian content Web sites and
online advertising services. Asiacontent.com partners with leading global
Internet content brands, such as CNET, MTV and E!Online, to create popular
Asian Web destinations. Asiacontent.com has also formed a Joint Venture with
DoubleClick, the world's largest online advertising network, to empower Asian
Web publishers and their advertisers to target domestic, regional and
international web audiences. Asiacontent.com has over 260 staff in seven
regional offices: Singapore, Hong Kong, Taiwan, China, South Korea, Malaysia
and India. Key investors include AsiaTech Ventures, GE Equity, Hambrecht
& Quist Asia Pacific, Intel Pacific Inc., TDF Management of Singapore, MTV
Networks., and a syndicate of private investors led by William R. Hambrecht.
NOTE:
* Media Metrix, WWW Audience Ratings, November 1999
** Source for Internet Data: Goldman Sachs GS AsiaWeb report,
October 1999
SOURCE CNET, Inc.
-0- 01/12/2000
/CONTACT: Karen Wood of CNET, Inc., 415-364-8743, karenw@cnet.com; or
Constance Soh of Asiacontent.com Media, 011-65-236-1445, or
constance@asiacontent.com/
/Web site: cnet.com
(CNET)
CO: CNET, Inc.; Asiacontent.com Media
ST: California, China, South Korea, India, Singapore
IN: MLM CPR
SU: JVN
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