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Sun Media Investment Holdings, Ltd. Enters into Alliance With Lenovo Group Ltd to Develop Broadband Multimedia Business in China
SHANGHAI, China, Aug. 6 /Xinhua-PRNewswire/ -- Sun Media Investment Holdings, Ltd., led by prominent Chinese broadcaster, Yang Lan, and Lenovo Group, the leading IT enterprise in China, have formed a joint venture, Sun 365 Multi-media Holdings Ltd., to develop broadband multi-media content and applications in China. The agreement between the two companies was signed in July 2004.
According to the agreement, the aggregate valuation of Sun 365 is US$15 million. Sun Media Investment and Lenovo hold 85% and 15% respectively in the new joint venture. Sun Media brings to the new company a multi-media production subsidiary in mainland China, certain marketing rights in connection with the exploitation of Ms. Yang Lan's brand image, and a certain amount of cash. Lenovo's non-cash contribution includes the right to use its existing brand FM365. The joint venture will have the right of first refusal to bundle multi-media content services with the personal computers, mobile communication devices and handsets sold under the Lenovo brand in China. The cooperation is a non-exclusive one. The Chairperson of the Board of Sun 365 is Ms. Yang Lan, who is also the Chairperson of Sun Media Investment Holdings, Ltd.
The new partnership grows out of recognition of the huge potential of the emerging broadband multi-media market in China. The principal business of Sun 365 is to develop multi-media businesses including creation of content and copyrights, and development of distribution networks. Detailed applications of the business model of the joint venture are still under development, no further details are disclosed to the market at this time.
Commenting on the new alliance, Ms. Yang Lan, Chairperson of Sun Media Investment Holdings, Ltd, said, ''We are thrilled to be entering into a new venture with Lenovo Group, one of the most trusted and respected names in China's IT industry. Sun 365 represents the alliance of a leading technology provider and a content provider, ultimately designed to create a richer, more interactive and personalized experience for consumers. We believe Sun 365 is the new paradigm for the development of new media businesses in China.''
Sun Media Investment Holdings, Ltd. (''Sun Media Investment'') is a media investment company founded between 1998 and 1999 by renowned TV programme host Ms. Yang Lan and her husband Dr. Bruno Wu. Currently, SMIH invests in four key areas of activity: television, publishing, sports marketing and new media. SMIH has direct interests in 11 media companies, through which it holds shares in more than 30 media operations, controlling 60 media brands in 9 countries and 15 cities.
Lenovo Group Limited is the largest IT enterprise in China. The Group is mainly engaged in the manufacture and sales of desktop computers, notebook computers, mobile handsets, servers and peripherals in China. Lenovo's own brand PC is the best seller in China, commanding a market share of 27.0% in 2003. Lenovo PC also tops the bestseller list in the Asia Pacific region (excluding Japan) with a market share of 12.6%.
For more information please contact:
David Evans of Sun Media
Tel: +86-21-6841-9980 x403
Email: David.Evans@chinasunmedia.com
Sun Media Investment Holdings, Ltd.
CONTACT: David Evans of Sun Media, +86-21-6841-9980 x403, orDavid.Evans@chinasunmedia.com
Web site: http://www.chinasunmedia.com/
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