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mm2-SPH JV to engage in digital editorial, video content creation
ENTERTAINMENT company mm2 Asia is tying up with Singapore Press Holdings (SPH) to build a lifestyle, entertainment and news portal under the AsiaOne brand.
mm2 said on Wednesday that it has entered into a binding term sheet with SPH to set up a joint venture which will engage in digital editorial and video content creation.
mm2 and SPH will hold 51 per cent and 49 per cent equity interest, respectively, in the joint venture, which will have a paid-up capital of S$1 million. SPH is the parent company of The Business Times.
mm2 last year announced a deal to buy Cathay's cineplexes subsidiary, which runs eight cinemas in Singapore, for S$230 million, after its attempt for a 50 per cent stake in Golden Village's Singapore cinema business for S$184.25 million fell through.
It has become an analysts' favourite, given its market valuation which is said to be at a discount to regional movie and TV production peers; the market is also expecting the spin-off of its visual effects unit, Vividthree Productions.
Meanwhile, SPH has also recently tied up with students from Singapore Polytechnic's media and communications course to co-produce video content for younger audiences.
SPH's Content Lab, the firm's multimedia content marketing unit, will work with students to make videos for mostly fashion and beauty brands. The video series will also provide a new medium for SPH advertisers and agency clients to reach out to younger audiences in "a fun and innovative way".
Shares of SPH added two Singapore cents to S$2.50, while shares of mm2 Asia dropped half a cent to S$0.51.