HONG KONG: Asiacontent.com has announced that it has reached agreement with MTV Networks, its joint venture partner, to terminate the parties' joint venture. The joint venture, Asia On-Line Entertainment, Ltd., has provided on-line promotions to youth in India, China, Taiwan, and Southeast Asia since 2000

Pursuant to the agreement between the company and MTV Networks, MTV Networks will transfer its shares in the joint venture to the Company. The joint venture entity will then enter voluntary liquidation in its jurisdiction of incorporation. Closing on the share transfer and the entry of the joint venture entity into voluntary liquidation, are expected to occur within the subsequent weeks.

After the closing of the share transfer, BDO International, the company's liquidator, expects to deliver a progress report to shareholders concerning the status of the liquidation. As previously announced, the company commenced voluntary winding up and liquidation on 10 July.