AsiaOne Singapore’s leading media group Singapore Press Holdings Limited has joined hands with Scandinavian-based media company Schibsted to develop online businesses in Singapore and the region.
They will tap into the burgeoning online advertising and consumer markets in Asia. The activities of their joint ventures include online classified advertisements, search and directories and other Internet opportunities. The two companies will put in an initial capital of over S$2 million each to set up the Singapore joint venture company SPH Search Pte Ltd and the regional joint venture company 701Search Pte Ltd.
The two joint ventures will have focused responsibilities. SPH Search Pte Ltd – held 75 per cent by SPH Interactive Pte Ltd, a wholly-owned subsidiary of SPH and 25 per cent by Schibsted International Classifieds and Search AS, a wholly-owned subsidiary of Schibsted – will focus on developing services in online search and directories in Singapore. The new company will be chaired by Ms Elsie Chua, SPH’s Senior Vice President of Classified Advertisements. The other joint venture 701Search will develop the business in Asia, focusing mainly on Southeast Asia and Greater China. This company will be held 50-50 by SPH Interactive International Pte Ltd, a wholly-owned subsidiary of SPH, and Schibsted. Mr Leslie Fong, SPH’s Executive Vice President of Marketing, said the potential of the online market in Asia was “awesome”, judging from China alone, which had experienced rapid Internet penetration. Mr Chan said: “We envisage that with growing Internet penetration, we will be able to secure opportunities to increase online advertising revenue.
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