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StarHub to take 9% stake in content producer mm2 Asia
STARHUB will take a 9.05 per cent stake in Catalist-listed film and TV content producer mm2 Asia for S$18.04 million, the telco announced after the market closed on Tuesday.
StarHub has been partnering mm2 Asia since 2012, through successful investments in the Ah Boys To Men and Lion Men movie series which were co-produced by mm2 Asia.
The two companies are currently collaborating on Hear Me Sing, an online Chinese singing competition to be launched in April, presented by StarHub and produced by mm2 Asia.
StarHub chief Tan Tong Hai said: "Taking a stake in mm2 is a strategic move. It unlocks opportunities to expand our pay TV offerings through original content creation that will set us apart in the cluttered content space."
mm2 can also potentially extend the reach of the telco's localised content through marketing and distribution efforts beyond Singapore, he added.
"We may choose to tap on mm2's cineplex business to showcase our content, as well as gain access to top-rated concerts and artistes through UnUsUaL of which mm2 is looking to own a stake," said Mr Tan.
Headquartered in Singapore, mm2 Asia is a content producer for TV and online platforms, and films. It has a presence in China, Hong Kong, Malaysia and Taiwan through its group of companies and strategic working partnerships, and has co-produced and distributed over 50 films across Asia since 2008.
Last month, mm2 Asia said it will acquire a 51 per cent stake in the UnUsUaL group of companies, involved in event and concert production, for up to S$26 million.