RealTime IT News

Village and Ten Team Up Online

Two of Australia's major media and entertainment companies, Village Roadshow and Network Ten, have announced the formation of a major online partnership with plans to establish Australia's top entertainment and leisure based destination on the Net.

The new 50/50 joint venture, targeted at the under-40 year old demographic, will see the partners' combined strengths spanning television, radio, cinema and theme parks, used to build brands and drive traffic to various Web sites and online services.

According to a joint statement issued by the companies, the project will see Village and Ten inject up to AUS$20 million in cash into the business over the next year, in addition to a major advertising and promotional push.

The online business will be based around four to five categories with the first two categories music and movies/television, to be launched in the first quarter of next year.

The online offerings will be marketed under a new consumer brand, to be unveiled at a later date. A chief executive officer is currently being sought to lead the new joint organisation and a development team is currently underway on the project.