For immediate release
MediaCorp makes strategic foray into Vietnam
Singapore, 21 February 2008 - MediaCorp Pte Ltd, Singapore's leading media company, announced today that it has invested in a new venture in Vietnam to tap into Asia's fastest growing media market, and one of the fastest growing economies in the world.
Along with investors FS Communications - a leading Vietnamese media advertising firm, Kinh Do Corporation - a listed confectionery company and a group of prominent Vietnamese businessmen, MediaCorp took a 20% stake in a newly formed company, International Media Corporation (IMC).
IMC has been set up to develop and produce entertainment and economic news content as well as to provide channel management services. In support of the government's socialization effort, IMC will assist Vietnam Multimedia Corporation, one of the major Vietnamese nationwide television broadcasters, to launch a new television channel in the second half of 2008.
Mr Lucas Chow, MediaCorp Chief Executive Officer said, "Vietnam is not a new market to MediaCorp as our dramas, formats, artistes and Channel NewsAsia are seen by Vietnamese households. This collaboration with IMC is MediaCorp's first strategic investment in Vietnam and we look forward to lend our expertise in the areas of programming, branding, promotion, management and airtime sales. We are excited by its prospects and potential as Vietnam's advertising market has been growing at 20-30% annually. We also see this as the beachhead for more opportunities as we begin to participate actively in this market."
Mr Lam Chi Thien, Chairman of IMC added, "We're honoured by MediaCorp's interest in IMC. I am personally looking forward to working with MediaCorp to tap its diversified media experience and management expertise, in the areas of TV programming, airtime advertising, and content production. We can also leverage on MediaCorp's distribution channels in the region to bring a good mix of media content into Vietnam."
Issued by Corporate Communications, MediaCorp
For more information, please contact:
Senior Manager Corporate Communications
Tel: (65) 6350 3343
Fax: (65) 6251 5628
MediaCorp is Singapore's leading media company with the most complete range of platforms, spanning television, radio, newspapers, magazines, movies and digital media.
It pioneered the development of Singapore's broadcasting industry, hitting the radio airwaves in 1936 and beaming the first TV pictures in 1963. Today, MediaCorp has over 55 products in four languages (English, Mandarin, Malay and Tamil), that reaches to all adults in Singapore each week.
Among them are industry firsts such as the first in the world to use Digital Video Broadcast technology for outdoor digital television, and Asia's first Digital Audio Broadcast radio service. Initiatives in the digital space include a highly successful online classifieds, Internet TV-on-demand and High Definition TV broadcast.
Beyond Singapore, the diversified group is making its presence felt through co-productions in TV dramas and movies, magazines publishing, as well as Channel NewsAsia International, the only Asian owned English news channel.
In 2007, it entered into a financial and strategic relationship with Indonesia's most integrated media company PT Media Nusantara Citra and its parent, Global Mediacom.
Winner of numerous international awards and accolades including Asia Television's Broadcaster of the Year, MediaCorp's vision is to become Asia's top media company, delivering valued content to the world.
For more information, please visit www.mediacorp.com.sg