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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: John McDonald who started this subject9/10/2000 11:40:13 PM
From: ms.smartest.person   of 4541
 
CyberWorks Takes 8.9% Stake in ERA After Taiwan Venture Fails
By Cathy Chan

Hong Kong, Sept. 11 (Bloomberg) -- Pacific Century CyberWorks Ltd., Asia's No. 2 Internet investment company, said it's taken an 8.9 percent stake in ERA Communications by investing $50 million in the Taiwan content provider.

The stake acquisition comes after GigaMedia Ltd., one of Taiwan' largest Internet service providers, scrapped a plan to form a venture with CyberWorks.

``We had some disagreements over the shareholding structure,'' said Rebecca Leung, a senior vice president with CyberWorks.

GigaMedia and CyberWorks agreed in May to form two ventures to deliver content over the Internet. The first linked GigaMedia with ERA Communications, and the second joined CyberWorks with ERA and GigaMedia to produce Chinese content. GigaMedia exited the partnership because it failed to obtain a majority stake, Leung said.

CyberWorks said it will own 55 percent in a content joint venture called eracom.com, with ERA holding the remaining 45 percent. The two companies will initially invest HK$200 million in the newly established company.

CyberWorks is in separate talks with GigaMedia and other cable operators on content distribution and other forms of cooperation.

CyberWorks has made broadband services a core part of its business strategy. The company is developing content and distribution for its Pan-Asian multimedia project, Network of the World, which aims to merge the Internet with television.

The company plans to spend $1.5 billion on content development in the next five years.

quote.bloomberg.com
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