CMGI, Pac Century Aim for Asia
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CMGI Inc. and Pacific Century CyberWorks Ltd. Friday formed a US$350 million alliance to develop a joint Internet strategy in Asia.
The new plans may include a joint venture for the development of Internet technologies in Asia, and the two companies may co-invest in Internet opportunities in both the U.S. and Asia.
Pacific Century CyberWorks is the technology flagship of the Pacific Century Group, which was established in October 1993 with proceeds from the $950 million sale of STAR TV, the first pan-Asian satellite television network, to News Corp.
Last month, Pacific Century bought Pacific Convergence Corp., (PCC), a joint venture between Pacific Century Group and Intel Corp.