IPVG, Viva form $2-million joint venture

MANILA, Philippines - Technology conglomerate IPVG Corp. and Viva Communications have entered into a joint venture agreement that will focus on expanding Viva’s extensive entertainment business to the global online market with IPVG’s expertise, regional data infrastructure and technology.

The new company, Squirt Media, will be capitalized at $2 million with each party owning 50 percent of the joint venture.

Under the agreement, IPVG will provide the joint venture company with $1 million worth of hosting and development of the online game portal, billing integration and other services with the hardware that come with the services.

Viva Communications on the other hand, will provide the new company with $1 million worth of its video, audio and stock photos of current and future productions and with the talent services of artists and actors under contract with it.

“Viva has become a household name when it comes to entertainment. Our experience has given us strong track records in the exciting fields of film, music, television and talent management. Now, we want to take it to the next level and tap into the dynamic and fast-growing online entertainment industry and we have found the right partner in IPVG to help us realize this goal,” Viva chairman and CEO Vicente Del Rosario Jr. said.

For hist part, IPVG CEO Enrique Gonzalez pointed out Viva is a recognized media and content company with a deep library of content, talent and know-how. “Combined with IPVG’s online expertise, we will establish a leading portal catering to domestic and international markets,” he said.

They noted that Viva’s solid reputation as an innovative entertainment business integrator merged with IPVG’s strength as a technology conglomerate creates a different kind of synergy in Squirt that addresses the demand of an untapped market.

Viva and IPVG agree that the growth prospects for the entertainment industry go beyond the traditional channels, adding that the online global market offers a broader audience base with unique demands and requirements.

“Viva has the richest collection of content that would satisfy the varied interests and tastes of the market. This partnership with IPVG will allow us to take Viva’s brand of entertainment to the global market,” Del Rosario added.

Gonzalez noted that there is tremendous fit and synergy between IPVG and Viva. “By making Viva’s content available through the Internet and mobile phone, we will be able to reach out to the growing base of online and mobile users that are seeking proprietary branded content over digital devices.”

This is IPVG’s second venture into the mainstream media after last year’s deal with broadcast giant GMA Network through its digital media arm GMA New Media Inc. that launched X-Play Online Games Inc.

Lodged in the parent company Viva Entertainment Inc., the Viva entertainment group, composed of Viva’s 10 companies, is an integrated entertainment group with core businesses in entertainment content development and production, marketing, promotion and distribution. These content and programs come in various multi-media formats such as film, music, video, free TV, cable TV, artists and concerts and interactive SMS.