Philippine media giant, ABS-CBN, has acquired a five percent stake of social networking site Multiply for about US$5 million.
Social networking and media-sharing site Multiply and ABS-CBNi, the interactive division of Filipino television giant ABS-CBN (Kapamilya), today announce a multi-year, strategic advertising agreement. Under terms of the agreement, ABS-CBNi will sell advertising and mobile services for Multiply’s Filipino users, with the two companies sharing revenues in the rapidly developing regional market. The partnership allows Multiply to monetize a significant portion of its traffic while still retaining a primary focus on product development and global customer acquisition.
“Social networking is flourishing in the Philippines and online ad-spending is increasing year-by-year,” noted Peter Pezaris, CEO of Multiply. “Partnering with ABS-CBN, and having access to all their top-flight blue chip advertisers gives Multiply a strong competitive edge in grabbing an early and large slice of the online advertising pie while extending our brand in the Philippines, the Asia Pacific, and worldwide.”
“Multiply’s unique focus on sharing media with real-life friends and family is what makes the service so appealing to Filipinos. Their appeal and brand is particularly attractive to ABS-CBN’s portfolio of household name advertisers,” says Paolo Pineda, Managing Director of ABS-CBN. “We’re extremely excited about mobilizing our extensive sales force to work with our advertisers and introduce them to new online inventory opportunities presented in Multiply’s appealing user base, comprised of upwardly mobile, Internet-savvy, young professionals.”
Excerpts from Multiply.com. Read the full article here.