Sina.com currently possess the largest Chinese portal user base in the world. Closing of the transaction is subject to negotiation and execution of a definitive agreement.
Based on the recent press release announcing the agreement to acquire Beijing Haidian Cable TV Network from the largest shareholder of SINA Corporation on Aug 27, 2003, and on September 24, 2003, China Cable and Communication, Inc. (CCCI), a leading China-based Cable TV company, and Beijing Sina Internet Information Services Co., Ltd., a subsidiary of SINA Corporation, a leading online media company and value-added information service provider for China and for global Chinese communities, announced today the signing of a letter of intent to jointly make available web-based interactive multimedia programming content to Sina's subscribers.
Under the terms of the letter of intent, China Cable will provide the web-based broadband interactive video transmission platform in addition to content from CCCI ventures, including Boading Pascali Broadband World, Fuijian Broadband TV, Haidian Online, and Broadcast Online. Beijing Sina Internet Information Services is responsible for providing content for SINA's web sites as well as for marketing for the interactive content to its more than 66 million worldwide registered users.
The monthly service fee for the new cooperative service is fixed tentatively at CNY30 (approximately $3.61) per each CCCI venture's content.
"We look forward to working with this subsidiary of SINA Corporation on what we anticipate to become a very profitable venture," stated Gareth Tang, the Chairman of China Cable and Communication. "The market growth of broadband Internet access and additional new services from the cable industry will only enhance the ability for our online web sites to escalate in importance. We look forward to continuing to provide the growing market for Chinese subscribers with unique products and services."