Singapore, 16 May 2018 --- Singapore Press Holdings (SPH) and Focus Media Holding (FMH), China’s leading lifestyle targeted-media company, have entered into a partnership to form a joint venture company, Target Media Culcreative Pte Ltd, in Singapore.
The joint venture company will develop a smart in-lift media delivery platform that will greatly improve audience engagement efforts for community and commercial segments. The launch of the platform will be announced later.
The joint venture agreement was signed by Ms Lee Huay Leng, Head of SPH’s Chinese Media Group and Mr Jiang Nan Chun, Founder and Chairman of FMH. The signing was witnessed by Mr Ng Yat Chung, CEO of SPH.
For the collaboration, SPH will provide its wealth of news and localised lifestyle content to enhance the appeal of the media platform. This joint venture 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 joint venture company.
Ms Lee said: “We are excited to be working with Focus Media who will add on a new dimension to SPH’s media offerings and expand our audience reach. 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.”
Mr Jiang said: "It is a great pleasure to work with SPH to bring Focus Media’s in-lift media innovations to Singapore. Pioneered by FMH, in-lift media has a high viewership frequency as there is high traffic in lifts every day. After years of development, its value is well acknowledged in China and it is gaining recognition 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.”
FMH and SPH are the two largest shareholders, with a 30% and 21% stake respectively in this joint venture, while the remaining stakes will be split among three other minority investors.
Please see attached photo for use in media coverage.
Photo Caption: (From left) Focus Media Holding founder and chairman Jiang Nan Chun, SPH CEO Ng Yat Chung and SPH's Head of Chinese Media Group Lee Huay Leng at the signing of the joint venture agreement in Singapore.
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For more information, please contact:
Mr Lim Wei Yang
Culture, Education & New Growth
Chinese Media Group
Singapore Press Holdings
Tel: 6319 1300
Mr Francis Mah
Corporate Communications & CSR
Singapore Press Holdings
Tel: 6319 1028
About Singapore Press Holdings Ltd
Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) is Asia’s leading media organisation, engaging minds and enriching lives across multiple languages and platforms.
SPH's core business is publishing of newspapers, magazines and books in both print and digital editions. It also owns other digital products, online classifieds, radio stations and outdoor media.
On the property front, SPH owns 70% in a real estate investment trust called SPH REIT which comprises Paragon, a premier upscale retail mall and medical suite/office property in Orchard Road and The Clementi Mall, a mid-market suburban mall. SPH also owns and operates The Seletar Mall. It is developing a new commercial cum residential site at Woodleigh Road. It also has a stake in Chinatown Point.
It is in the aged care sector and owns Orange Valley, Singapore’s largest private nursing home operator.
SPH runs a regional events arm and a chain of Buzz retail outlets. It also invested in the education business.
For more information, please visit www.sph.com.sg
About Focus Media Holdings Ltd