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Lenovo, Sun Media in broadband JV
By Xiao Guo (China Daily HK Edition)
Updated: 2004-08-08 12:28

Lenovo Group, the country's top PC producer, announced August 6 that it would set up a US$15-million joint venture with Sun Media Investment Holdings (SMIH) to tap the broadband multi-media market on the mainland.

Lenovo will hold a 15-per-cent stake in the joint venture, Sun 365 Multi-Media Holdings, and SMIH will hold the remaining.

According to the agreement signed last month, Lenovo will not earmark any cash investment to the joint venture but will grant the right to use its existing Internet portal brand FM365. SMIH, owned by China's famous TV host Yang Lan, will inject its mainland-based multi-media production subsidiary to the venture.

Sun 365 will focus on developing multi-media businesses including creation of content and copyrights, as well as of a distribution network. However, a detailed business model was not spelt out.

Yang, who is also chairperson of the joint venture, said in a statement that the joint venture represented the alliance of a leading technology provider and a content provider in the country.

The joint venture was founded at a time when the country plans to upgrade its fixed-line phone and cable-television networks nationwide.

The country is expected to have 25 million broadband Internet users by the end of the year, most of whom currently use the fixed-line phone network to access the Internet.

SMIH, founded by Yang and her husband Bruno Wu in 1998, invests in such areas as television, publishing and sports marketing and holds stakes in 11 media companies.

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