[00-1-26] Pacific Century & CMGI Team On Internet Asian JV
By Edmond Chow, IT Daily.
HONG KONG, CHINA,
26 Jan 2000, 1:07 PM CST
Pacific Century & CMGI Team On Internet Asian JV 01/26/00 HONG KONG, CHINA, 2000 JAN 26 (NB) -- By Edmond Chow, IT Daily. Pacific Century CyberWorks (PCCW) has announced the establishment of a joint venture with global Internet giant CMGI. The new joint venture, CMGI Asia, will focus on setting up and operating Internet-related businesses in the Asia-Pacific region.
PCCW and CMGI will be equal shareholders in CMGI Asia, which will be headquartered in Hong Kong, and establish Asia-Pacific operations for the 18 CMGI majority-owned companies.
Among CMGI's international Web network are the Altavista search engine, the Lycos network and advertising businesses Adforce, Adsmart and Flycast.
The firms also announced plans to launch four Asian subsidiaries: AltaVista, Engage Technologies, online broadcaster iCAST, and Internet payment service provider 1ClickCharge.
CMGI Asia will own 60 percent of the shares of each new company and will be responsible for their day to day management. CMGI will hold the remaining 40 percent.
Richard Li, chairman of Pacific Century Group, said, "CMGI Asia will bring some of the most exciting Web companies to Asian consumers and businesses."
He said that the mission of the joint venture is to "capture the Asian Internet market as it just enters the take-off stage."
In September, the two firms - PCCW and CMGI - announced a US$350 million equity swap.
Pacific Century CyberWorks is at pcg-group.com
Reported by Newsbytes.com, newsbytes.com .
13:07 CST
Reposted 13:17 CST
(20000126/WIRES ASIA, ONLINE, BUSINESS/)
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