MEDIA-I: AOL Time Warner cuts deal with China's Legend

<p>BEIJING: As local internet companies in China step up the hunt for </p><p>partners, AOL Time Warner has announced a joint venture with China's top </p><p>computer company, Legend Holdings. The partnership will help develop </p><p>interactive services for China's internet population. </p><p><BR><BR> </p><p>Both companies will invest USdollars 100 million each over an </p><p>unspecified period, with AOL TW holding 49 per cent of the company and </p><p>Legend owning the remainder. </p><p><BR><BR> </p><p>The ownership structure is designed to circumvent grey areas in China's </p><p>government regulations that prevent foreign ownership of internet </p><p>companies. </p><p><BR><BR> </p><p>AOL TW will first provide technical support and services to FM365.com, </p><p>Legend's two-year-old news and entertainment portal. The joint venture </p><p>will eventually set up a service in China similar to that offered by </p><p>America Online in the US. China's imminent entry into the WTO will </p><p>expand AOL's involvement. </p><p><BR><BR> </p>