Singapore Press Holdings (SPH) and China’s Focus Media Holding (FMH) have entered into a partnership to form a joint venture company, Target Media Culcreative, in Singapore.
The joint venture company will develop a smart in-lift media delivery platform that aims to improve audience engagement efforts for community and commercial segments. The launch of the platform will be announced later.
The joint venture agreement was signed by Ms. Lee Huay Leng, head of SPH’s Chinese Media Group and Mr. Jiang Nan Chun, founder and chairman of FMH. The signing was witnessed by Mr. Ng Yat Chung, CEO of SPH.
(From left) Focus Media Holding founder and chairman Jiang Nan Chun, SPH CEO Ng Yat Chung and SPH's head of Chinese Media Group Lee Huay Leng at the signing of the joint venture agreement in Singapore.
For the collaboration, SPH will provide its wealth of news and localised lifestyle content to enhance the appeal of the media platform. This joint venture will also leverage on the strengths of Focus Publishing, the contract publishing arm of SPH’s Chinese Media Group, which produces community publications across the four national languages.
FMH will commit operational expertise, systems support, media delivery technology, and product development guidance to the joint venture company.
Ms. Lee said: “We are excited to be working with Focus Media who will add on a new dimension to SPH’s media offerings and expand our audience reach. With their specialised expertise on in-lift media technologies, we can offer a smart community media platform that is a highly-effective channel for Singapore audiences to receive reliable news-information and creative lifestyle content produced by SPH and our community partners.”
Mr. Jiang said: "It is a great pleasure to work with SPH to bring Focus Media’s in-lift media innovations to Singapore. Pioneered by FMH, in-lift media has a high viewership frequency as there is high traffic in lifts every day. After years of development, its value is well acknowledged in China and it is gaining recognition in international markets. I am very optimistic about the cooperation with SPH and believe that this in-lift media will achieve the same level of success in Singapore.”
FMH and SPH are the two largest shareholders, with a 30 per cent and 21 per cent stake respectively in this joint venture, while the remaining stakes will be split among three other minority investors.
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