Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
MODERN MEDIA HOLDINGS LIMITED
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 72)
VOLUNTARY ANNOUNCEMENT REGARDING
TERM SHEET WITH AGENCE FRANCE-PRESSE
This is a voluntary announcement made by the Company.
The Board is pleased to announce that on 5 March 2013, the Group, through MMCL, entered into the Term Sheet with AFP, whereby the Group would cooperate with AFP to (i) provide a multi-media lifestyle/culture/fashion/arts/offbeat service in Chinese language available for distribution and sale to prospective publishers and global end-users; (ii) develop an internet platform where the Service is to be displayed and viewed by internet users; and (iii) develop a mobile application where the Service is to be displayed and made available for mobile end-users.
This is a voluntary announcement made by Modern Media Holdings Limited (the "Company", together with its subsidiaries, the "Group").
The Board is pleased to announce that on 5 March 2013, the Group, through Modern Media Company Limited ("MMCL"), an indirectly wholly owned subsidiary of the Company, entered into a non-legally binding term sheet ("Term Sheet") with Agence France-Presse ("AFP"). Under the Term Sheet and subject to the signing of the definitive cooperation agreement,
AFP agrees to cooperate with the Group for a ten-year period to (i) provide a multi-media lifestyle/culture/fashion/arts/offbeat service in Chinese language (the "Service") based on the Group's local content and AFP's global news content (including international lifestyle content from its longtime partner Relaxnews) available for distribution and sale to prospective publishers and end-users globally; (ii) develop an internet platform where the Service is to be displayed and viewed by internet users; and (iii) develop a mobile application where the Service is to be displayed and made available for mobile end-users.
The Board is of the view that, if the cooperation with AFP is materialized, the Service will strengthen the Group's existing leading position in lifestyle, art and culture themes publications, and will also create a new business model in digital media. Meanwhile, by leveraging the global network of AFP and benefiting from the international lifestyle content of the AFP-Relaxnews service, the Group could create a new business model to distribute contents of the Service to fellow international and domestic publishers.
The Board is also of the view that the proposed cooperation with AFP, followed by the previous co-operations with Bloomberg (USA), Numero (France), Economist (UK), and The New York Times (USA), marks another major milestone of the Group's attempt to become a global media group, representing the elite culture of China.
About Agence France-Presse
AFP is a Paris-based global news agency delivering fast, in-depth coverage of events shaping the world from wars and conflicts to politics, sports, entertainment and the latest breakthroughs in health, science and technology. AFP has 200 news bureaus in 150 countries with editorial and other staff drawn from 80 nationalities. The agency was set up in 1835.
The Group is a leading integrated media enterprise with a multi-media platform comprising of established magazine portfolio, digital media, and TV media. The Group produces high quality contents for elite audience in China, and provides one-stop marketing solution for brand marketers. The Group is principally engaged in the publication and operation of print, digital, and TV media in PRC and Hong Kong. Its strong magazine portfolio includes two weekly magazine leaders in China -- "????" (Modern Weekly) and "????" (Modern Lady Weekly), one bi-weekly magazine -- "????/???" (Bloomberg Businessweek/China),
two local weeklies and 7 strategically defined monthly or bi-monthly magazines for different elite segments in the PRC and Hong Kong. Meanwhile, riding on the strong media brands and resources, the Group also publishes series of media apps, such as "iWeekly", "Bloomberg Businessweek/China", "Lohas", and "iMagazine" etc. on multiple mobile formats, as well as produces and distributes series of lifestyle TV programs.
* For identification purpose only
By order of the Board
Modern Media Holdings Limited
Hong Kong, 7 March 2013
As at the date of this announcement, the Board comprises the following members: (a) as executive directors, Mr. Shao Zhong, Mr. Wong Shing Fat, Mr. Mok Chun Ho, Neil, Mr. Li Jian and Mr. Cui Jianfeng; (b) as independent non-executive directors, Mr. Jiang Nanchun, Mr. Wang Shi, Mr. Au-Yeung Kwong Wah and Mr. Mao Xiaofeng.
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