mm2 Asia partnering SPH to build lifestyle, entertainment and news portal under AsiaOne brand

SINGAPORE - Entertainment company mm2 Asia is tying up with Singapore Press Holdings (SPH) to build a lifestyle, entertainment and news portal.

mm2 said on Wednesday (March 28) that it has entered into a binding term sheet with SPH to set up a joint venture which will engage in digital editorial and video content creation under the AsiaOne brand.

mm2 and SPH will hold 51 per cent and 49 per cent equity interest respectively in the joint venture, which will have a paid-up capital of S$1 million.

mm2 last year announced a deal to buy Cathay's cineplexes subsidiary, which runs eight cinemas in Singapore, for S$230 million, after its attempt for a 50 per cent stake in Singapore's Golden Village cinema business for S$184.25 million fell through.