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SPH ties up with China's Focus Media in JV
SINGAPORE Press Holdings (SPH) and China's Focus Media Holding (FMH), a pioneer in flat-panel displays at the elevator lobbies, have entered into a partnership to form a joint venture (JV) company in Singapore.
The JV company, called Target Media Culcreative Pte Ltd, will develop a smart in-lift media delivery platform to improve audience engagement efforts. The launch of the platform will be announced later.
FMH and SPH are the two largest shareholders, with a 30 per cent and 21 per cent stake respectively in this JV, while the remaining stakes will be split among three other minority investors.
Under this partnership, SPH will provide news and localised lifestyle content to enhance the appeal of the media platform.
This JV 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 JV company.
"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," said Lee Huay Leng, head of SPH's Chinese Media Group.
FMH founder and chairman Jiang Nan Chun said in-lift media has high viewership frequency as there is high traffic in lifts every day. It is also gaining traction 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," he added.