mm2 Asia and Singapore Press Holdings (SPH) have established a joint venture company in Singapore. The new company will engage in digital editorial and video content creation under the AsiaOne brand, operating a lifestyle, entertainment and news portal
mm2 Asia and SPH will hold a 51% and 49% equity interest respectively in the joint venture company, which will have a paid-up capital of SG$1,000,000.
In a statement to Marketing, mm2 Asia's spokesperson said that at the moment, the transaction is still subject to condition precedents and the final completion. As such, it will be more appropriate for the company to comment after the final completion. Marketing has reached out to SPH for additional details.
This new partnership follows SPH's collaboration with neuroscience technology company NeuroTrend earlier this month, to launch a neuromarketing consumer insights lab. At the same time, it also collaborateod with the Info-communications Media Development Authority to release a new slate of digital videos, as part of IMDA’s Public Service Broadcast initiative.
Meanwhile, mm2 Asia revealed plans last year to acquire Cathay Cineplexes for SG$230 million. The move will see the group acquiring Cathay Organisation’s entire Singapore cinema operations and the “Cathay” brand. It will also see mm2 Asia owning both cinemas in the Singapore and Malaysia markets.