HK's CyberWorks, Radio Firm in Joint Venture

HONG KONG (04/28/2000) - Hong Kong Internet investment company Pacific Century CyberWorks Ltd. (PCCW) yesterday announced a joint venture with Hong Kong-based Commercial Radio Productions Ltd. that will add the content creator's programming to PCCW's Network of the World (NOW) multimedia broadband service.

The venture, called PCC Skyhorse Holdings Ltd., brings together PCCW division PCC Investments Ltd. with Commercial Radio, which recently has added Internet content and community databases to its core audio content business. PCC Investments will own 60 percent of Skyhorse and Commercial Radio will own 40 percent, PCCW Chairman Richard Li said at a press conference last night.

"We feel Commercial Radio is the strongest audio content that is growing out of the Chinese community," Li said.

Also at the conference, Li gave a preview of Now.com, the Internet "vortel" (vertical portal) through which NOW content will be offered. Mockups of the portal showed a small display in the upper left corner of the screen for continuous free cable TV programming, with menus underneath. The right side of the screen featured text content, topped by a banner advertisement.

NOW is on schedule to begin operation in the middle of this year, Li said, through existing cable-TV and satellite connections, Li said. He did not give an exact launch date. The service will be rolled out in phases, as was Star TV -- an earlier Li venture. PCCW is targeting cable TV customers, wireless subscribers and homes equipped for digital subscriber line broadband throughout Asia.

Audio content from Skyhorse will augment multimedia offerings being created by a team of content developers in London that is eventually will total 1,000, Li said. Skyhorse also will continue to develop and expand Commercial Radio's current Internet offerings. PCCW will contribute working capital and a broadband infrastructure to the venture, Li said.

PCCW, in Hong Kong, can be reached at +852-2514-8888 or online at http://www.pcg-group.com. Commercial Radio is also in Hong Kong and can be reached at +852-2339-0615.

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