HK Next Media Content Sales Go On Though PCCW Talks Fail
Dow Jones Newswires
HONG KONG -- Next Media Ltd. (H.NXM), the online arm of Hong Kong's top selling magazine, said Friday it is still in discussions with various parties to provide content, despite talks with Pacific Century CyberWorks Ltd. (PCW) having collapsed.
"We are trying to talk to as many partners as we can to boost revenue stream," Pieter Schats, chief executive of Next Media told Dow Jones Newswires over the phone.
The company, which owns popular magazine EasyFinder and information Web sites, plus a recently launched Taiwan edition of Next Magazine, posted a loss of HK$145.79 million in the year to March 2001, largely due to the poor performance of its Internet business.
Schats said it got very close to finalizing a deal with PCCW, but the latter scrapped the talks about a week ago, without giving any specific reason. "I don't think price is the major issue," he added.
Joan Wagner, spokeswoman of PCCW declined to comment on the issue. PCCW said last month it would axe 340 jobs, or 40% of its Internet work force, after posting a loss of US$886 million in 2000.
Local media reports suggest that PCCW was upset that Next Magazine was also in talks with its rival, i-Cable Communications Ltd. (H.ICB)
Separately, Schats said the Taiwanese version of Next Magazine - an amalgam of sex, gossip and investigative stories and entertainment news - has sales of over 200,000 copies a week. The paper was launched on the island in June 1.
Shares of PCCW closed Friday up 0.5% at HK$1.95, while Next Media finished down 1.8% at 24 HK cents.
Next Media is 54% owned by businessman Jimmy Lai.
-By Sonia Tsang, Dow Jones Newswires; 852-2802-7002; sonia.tsang@dowjones.com
-0- 03/08/01 08-55G
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