[00-5-07] Pacific Century CyberWorks Inks Taiwan Media JV
By Peggy Tong, IT Daily.
HONG KONG, CHINA,
07 May 2000, 10:58 PM CST
Pacific Century CyberWorks Inks Taiwan Media JV 05/07/00 HONG KONG, CHINA, 2000 MAY 7 (NB) -- By Peggy Tong, IT Daily. The Hong Kong-listed Pacific Century CyberWorks (PCCW) has entered into another major joint venture (JV) - this time with Taiwan media conglomerates Era Communications, and GigaMedia.
The new venture will produce Chinese Internet content under the brand name ERA.com, to be distributed through CyberWorks' Network of the World (NOW) broadband service and Giganet.
Era is a leading TV, film and portal content production company in Taiwan which generates over 3,500 hours of original Chinese TV content per year.
GigaMedia, a member of the Koos Group conglomerate, is the biggest Taiwanese broadband Internet access and content provider. The JV will in future provide entertainment to 14 million Chinese households worldwide.
The JV was established between CyberWorks - holding 55 percent - and Era, GigaMedia and Koos Group - holding 45 percent through a distribution JV. The content JV company intends to seek aninitial public offering (IPO) at an appropriate time.
A separate JV has also been formed as a distribution company, between Era, GigaMedia and Koos Group. GigaMedia will own 51 percent of this venture, Era 45 percent and Koos Group 4 percent. This JV will be responsible for the global distribution of the content produced by the content JV.
When asked about whether CyberWorks has considered the Taiwanese background of the JV companies, Chief Executive of the PCCW Group, Richard Li, replied that the new company will provide content only, for news programmes - they will have only financial news and no political issues will be in the programmes. “Afterall, we are one country.” Li concluded.
Reported By Newsbytes.com, newsbytes.com
22:58 CST
(20000507/WIRES ASIA, ONLINE, BUSINESS/)
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