Establishment of Joint Venture Company in Taiwan
Nippon Television Network Corporation (hereinafter referred to as NTV / Noritada Hosokawa, Representative Director and President / Head Office, Minato-ku, Tokyo) and CTI Television Incorporation (hereinafter referred to as CTI / Tsai Shao Chung, Chairman / Head Office, Taipei, Taiwan) have agreed in principle to establish a joint venture company in Taiwan as follows.
1. Purpose of Establishment of Joint Venture Company
Ever since signing the comprehensive cooperative agreement in March 2010, NTV and CTI as well as CTI's parent company WANT WANT GROUP have explored ways to fortify their relationship in terms of their mutual businesses. As a result, an agreement was reached to establish a joint venture company by consolidating the strengths of both companies in the areas of joint program production, distribution and the implementation of other newly-developed businesses, and a basic joint venture agreement was signed and concluded on March 10, 2011.
Plans are to expand program production and operational presence beyond Taiwan, and particularly into mainland China. CTI broadcasts high-rated news and television programs on the Internet and on partner television networks in mainland China, where NTV anticipates an effective entry with its partner, CTI.
The establishment of an overseas joint venture business is the first of its kind for NTV. As globalization of the world market accelerates, NTV, as Japan's commercial broadcaster, aims to increase its non-broadcasting revenue by leveraging its reservoir of content production capabilities and broadcasting-related business expertise.
2. Descriptions of CTI and WANT WANT GROUP
CTI is a satellite and cable television broadcaster founded as CTN in Taiwan in 1994, which later became a subsidiary company of WANT WANT GROUP in 2008. Currently, CTI operates three channels of news, variety and entertainment in Taiwan, in addition to an overseas Chinese-language channel in the North America region.
Parent company WANT WANT GROUP was founded in 1962 in Taiwan, and operates a multi-faceted business involving food, mass media, hospitals, hotels, insurance and real estate. As Taiwan's sole media conglomerate, Want Want China Times Media Group operates CTV (terrestrial television), CTI (cable television), China Times (newspaper) and other subsidiary companies (magazines).
3. Overview of Joint Venture Company
|1.||Corporate name||CNplus Production, Inc.|
|2.||Representative (tentative)||Tsai Shao Chung |
(General Manager, Want Want China Times Media Group)
(Representative Director and President, NTV)
|3.||Location||Naikoku, Taipei, Taiwan|
|4.||Date of establishment||Late April 2011(scheduled)|
|5.||Major businesses||Television program production, distribution, |
development of new businesses
|6.||Fiscal term||January 1st to December 31st|
|7.||Capital||300 million New Taiwan Dollars|
|8.||Shareholder composition||NTV (50%), CTI (50%)|
|9.||Number of employees||15 employees at time of establishment (scheduled)|
|1.||Basic joint venture agreement execution||March 10, 2011|
|2.||Registration||Late April 2011 (scheduled)|
|3.||Business commencement||Early May 2011 (scheduled)|
Nippon Television Network Corporation