For Immediate Release
Hong Kong, March 2, 2001 -- TOM.COM LIMITED ('TOM.COM' or 'TOM', stock code 8001) and Ming Pao Enterprise Corporation Ltd ('Ming Pao', stock code 0685) today signed a share sale deed whereby TOM will acquire 50% interest in Yazhou Zhoukan, the popular Chinese weekly current events magazine. The purchase consideration is HK$60 million, payable in cash. The proceeds will be used by Ming Pao for the development of Yazhou Zhoukan's business and general working capital.
The agreement follows the signing of a Memorandum of Understanding in November 2000. This is TOM's first print media acquisition under its cross-media business strategy. Synergy between Yazhou Zhoukan and TOM's existing online and offline media properties provides opportunities for content syndication, expansion of advertising channels and technical cooperation.
With a circulation of over 100,000 copies, Yazhou Zhoukan is an authoritative Chinese current events weekly. Established in 1987, it enjoys a worldwide Chinese readership and is widely read by business executives, senior government officials and opinion leaders in Hong Kong, Taiwan, Mainland China and South East Asia. As well as the printed version, the magazine also produces an online version at www.yzzk.com.
TOM and Ming Pao will work closely to explore opportunities to expand Yazhou Zhoukan's print and online businesses. Both will help Yazhou Zhoukan enhance its business and technology content as well as further develop the magazine's online version to become an authoritative online news source and research service, delivering multi-media global news and analysis. If China regulations allow, TOM will also assist in the development and marketing of the magazine in the Mainland China market through its online and offline media platforms.
Both TOM and Ming Pao stress that the editorial team and editorial independence of Yazhou Zhoukan are unaffected by the investment.
For press enquiries:
Rachel Chan, TOM.COM LIMITED
Tel: 2121 7810; Fax: 2127 7576
e-mail: rachelc@hk.tom.com