Asia Media Group Approves Major Television Advertising Time Deal in China.TORONTO--(BUSINESS WIRE)--April 3, 1996--The Directors of Asia Media Group Corporation ( Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : ASIA) announced today that they have approved a major deal for television advertising time on China's nationally networked public broadcaster, China Central Television. This deal will provide Asia Media Group with the rights to purchase and resell network advertising time in the growing Chinese media sector. Asia Media Group is a public company whose shares are quoted for trading on the Canadian Dealing Network (symbol-"ASIA"). The air time is on China Central Television Channel Eight, which is the variety and entertainment channel distributed by satellite and cable to up to 40 million homes reaching over 160 million people. Channel Eight is currently distributed to over 420 cable systems in the country and is expected to double within the next twelve months as more cable system equipment becomes available. Under a four year contract with its associated company associated company associate n → Partnerfirma f associated company n → società collegata , Media Groupings (Far East) Ltd. of Singapore, Asia Media Group will commit approximately CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $16.5 million over four years and will exclusively market and sell eighteen minutes of advertising time each day during the prime viewing hours of 7:30 p.m. to 10 p.m. Through its sales offices in Beijing, Shanghai, and Guangzhou, Asia Media Group will place air time on Channel Eight from both Chinese and foreign advertisers. Asia Media Group's exclusive representatives in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and all the major countries in the Far East will place air time with the many consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and advertisers and companies who are interested in doing business in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. The proposed agreement is conditional upon the company raising the additional capital required for this project. It's estimated that over 85 per cent of the population in China (over one billion people), now watch television, with the number of receivers reaching a level of saturation in the more affluent eastern provinces. As disposable income disposable income Portion of an individual's income over which the recipient has complete discretion. To assess disposable income, it is necessary to determine total income, including not only wages and salaries, interest and dividend payments, and business profits, but also increases these homes are increasingly interested in consumer goods not previously enjoyed in China. Television is becoming the medium used to promote and advertise these items. "Today's announcement is the result of months of hard work by Media Groupings and Asia Media Group and signals the beginning of Asia Media Group's activities in mainland China," said Robert Kennedy, President and Chief Executive Officer of Asia Media Group Corporation. "There are a number of opportunities now open to us and together with our strategic partners in China, we look forward to playing our full part by contributing our resources and expertise to the rapid growth and success in airtime sales, production and distribution of television programmes", added Kennedy. Media Groupings, which has entered into a joint venture with China International Television (a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CCTV CCTV abbr. closed-circuit television CCTV closed-circuit television ) for the production, marketing, and distribution of television programmes throughout China, will begin its operations in June 1996 with the launch of a weekly special feature film series on CCTV Two, CCTV Eight and other channels. Asia Media Group Corporation was established in 1994 and is traded on the Canadian Dealing Network (listed under "ASIA"). Its Singapore affiliate, Media Groupings (Far East) Pte Ltd., has a joint venture with China's public broadcaster, China Central Television (CCTV). Media Groupings brings prime time advertising and programming rights to the venture. Asia Media Group owns 22 per cent of Media Groupings. CONTACT: Environics Communications Inc. Bruce MacLellan, 416/920-9000 ext. 219 or Asia Media Group Manoj Pundit An expert or knowledgeable person. From "pandit" in Hindi. See guru. , 416/977-5545 ext. 228 |
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