Friday, March 17, 2006

More consolidation in Chinese digital signage market

From this BusinessWire article:

Enjoy Media Holdings Limited (OTC:EJYM) announced today that it has signed an agreement to acquire 51% equity interest in Guangzhou Elevator Advertising Limited ("Elevator Advertising") from Guangdong RenRenJianKang Advertising Limited. The acquisition, valued at US$631,640, is to be settled by restricted common shares of Enjoy Media upon further due diligence. Elevator Advertising provides advertisers with more targeted advertising channels located in elevators and lift lobbies of approximately 3,000 buildings in Guangzhou. The acquisition allows Enjoy Media to increase its media offerings to advertisers and bring even greater value to them.

Elevator Advertising, a private company based in Guangzhou, China, installs, manages and operates more than 6,000 advertisement billboards in approximately 3,000 commercial and residential buildings in Guangzhou, the third most populous city in China. It has signed contracts ranging from 5-10 years in the management of advertisement billboards in the elevators of these buildings. The billboards carry advertisements alongside public notice messages from government departments. It will continue to expand both the number of buildings and its advertiser base. Its clients include some well-known consumer brands such as Haier, China Life Insurance, Panasonic, Dettol, as well as consumer banking services.

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