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.
