MEDIA-I: Tom.com bags China print venture

<p>BEIJING: Internet portal Tom.com has confirmed an RMB5 million </p><p>(US$600,000) venture with a China-based publisher in its effort </p><p>to build its China print media platform. </p><p><BR><BR> </p><p>Tom.com will take a 70 per cent stake in the joint venture, with China </p><p>National Publications Import and Export Corporation (CNPIEC) holding the </p><p>remainder of the shares. </p><p><BR><BR> </p><p>The move follows the company's recent acquisition of stakes in </p><p>publishing businesses in Hong Kong and Taiwan. </p><p><BR><BR> </p><p>The portal acquired a 50 per cent stake in the Chinese-language weekly </p><p>Yazhou Zhoukan from Ming Pao Enterprise for HK$60 million (about </p><p>US$7.7 million) in March.Two months later it acquired PC Home and </p><p>Cite, the largest book and magazine publisher in Taiwan. </p><p><BR><BR> </p><p>Sing Wang, chief executive officer and executive director of Tom.com, </p><p>said: "CNPIEC has ample publishing experience and a wide distribution </p><p>network in the mainland. It also works closely with mainland authorities </p><p>and other industry players. All this will facilitate Tom.com to </p><p>introduce overseas print media to the China market and localise them to </p><p>suit the needs of the mainland market." </p><p><BR><BR> </p><p>In 1999, the value of books published in mainland China totalled RMB43.6 </p><p>billion. Total magazine advertising revenue reached RMB900 million in </p><p>the same year, an increase of 25.1 per cent over 1998. </p><p><BR><BR> </p><p>Meanwhile, Tom.com subsidiary YC Advertising and partner Starway Sport </p><p>and Culture Development are to pay an estimated US$5 million a </p><p>year to secure the commercial rights for the Chinese Basketball </p><p>Association (CBA) games. Confirmed this month, the franchise covers </p><p>three CBA seasons up to 2003. </p><p><BR><BR> </p><p>The CBA exclusive commercial rights granted to Tom.com include rights to </p><p>title sponsorships, advertising, TV broadcasting, official sponsorship, </p><p>usage of the league logo and images of players. It also includes the </p><p>marketing rights to the official website, promotional activities of the </p><p>club officials and team players, the fan club and league merchandise </p><p>marketing rights. </p><p><BR><BR> </p>