MediaCorp to establish JV in Vietnam
EmptySINGAPORE -- Dominant Singapore media conglomerate MediaCorp will establish a new television channel with Vietnamese government-owned broadcaster, the Vietnam Multimedia Corporation and other local partners, the company announced Thursday (21).
The investment -- MediaCorp’s first in Vietnam -- is via a 20 percent stake in a newly established Vietnamese media company, International Media Corporation (IMC), which will also develop and produce entertainment and economic news content and provide channel management services. The channel will launch in the second half of the year.
IMC is a joint venture with Vietnamese advertising agency FS Communications, listed confectionery company Kinh Do Corporation, and a group of unnamed Vietnamese businessmen, MediaCorp said.
Financial details were not disclosed.
MediaCorp chief executive, Lucas Chow, said Vietnam’s advertising market had been growing by 20-30 percent a year.
“We also see this as the beachhead for more opportunities as we begin to participate actively in this market,” Chow said.
With its domestic market being eroded by competing media platforms, regional expansion is a cornerstone of MediaCorp’s strategy.
Last week, the company announced the acquisition of a 23 percent stake in Chinese outdoor advertising company Dahe Media Co., worth a minimum of US$11 million. This follows a $183 million investment in Indonesian media company, PT Media Nusantara Citra (MNC), last year.