IPVG, Viva Communications form joint venture company

MANILA, Philippines - IPVG Corp. and Viva Communications Inc. will form a joint venture company that will engage in interactive gaming and content distribution and other forms of entertainment. In a disclosure, IPVG corporate information officer Sheila Quien- Feliciano said Squirt Media, Inc. would be incorporated with a capitalization of $2 million. IPVG, which is into information technology and telecommunications, online computer games and business process outsourcing, will provide Squirt Media $1 million worth of hosting and development of online game portal, billing integration and other services with the hardware that come with the services. Viva Communications will give $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 its contract. “The purpose of the transaction is to combine the resources and expertise of the parties in providing media and other forms of entertainment through the online medium," Quien-Feliciano said. However, IPVG could not disclose the contents of the joint venture agreement due to “confidentiality obligations." Vicente Del Rosario Jr., chairman and chief executive officer (CEO) of Viva Communications, said 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," he said. IPVG CEO Enrique Y. Gonzalez said the joint venture aims to build a "leading portal catering to domestic and international markets. "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," Gonzalez said. -Ruby Anne M. Rubio, GMANews.TV