Intertainment Media Inc. announced yesterday that its subsidiary Ortsbo Inc. has made an investment in Hong Kong based China Green Channel International (“CGCI”), an officially sanctioned Canadian & Beijing joint venture that has signed a partnership agreement with China Education Television for the development, distribution and management of advertising and sponsorship for Western and native Chinese programming focusing on humanities and early child education.
This recognized venture guarantees Ortsbo’s rights to provide automated and human based translation services for the conversion of foreign broadcast content as well as participate in the development of original content for the Chinese television market.
Under the terms of the agreement, the parties have agreed that Ortsbo has the right to acquire up to 22% of the total equity of CGCI in the first year for a potential investment of USD $2.65 million.
CGCI Hong Kong’s wholly owned Beijing based subsidiary, have a partnership agreement with China Education Television (“CETV”), for its China Education Channel 3 Primetime (“CETV 3”) and its Early Learning Channel (“CELC”) to build the program content and channel assets of China Television’s Early Learning Channel and to distribute imported and original content on CETV Channel 3 Primetime.
The CETV 3 Primetime and Early Learning Channel venture gives CGCI control over the programming, advertising and sponsorship development for 7 hours per week on CETV Channel 3 in primetime, and 42 hours per week on the Early Learning Channel, for a combined 49 hours per week of air time which currently reaches over 250 million people in more than 200 cities across China.
CETV 3 Primetime and the Early Learning Channel will give CGCI the opportunity to generate an estimated USD $15 million in 2012 and USD $150 million dollars in gross earnings over the first three years through advertising, sponsorship and e-commerce revenues tied to the youth and young family market in China.
CGCI will distribute and establish new and varied Western programming together with locally developed and produced content which will gradually come on stream and to develop strong e-commerce components for CETV’s online portals as well as help increase the overall growth of the viewing audiences.
“Intertainment & Ortsbo are committed to expanding their offerings and to develop highly efficient and cost effective commercial services. The broadcast market is a prime opportunity to disrupt conventional language services programs and make use of Ortsbo’s leading experiential translational platform not only providing core translation services, but also to expand into the creation of new and exciting learning programs based on Ortsbo’s patent pending technologies,” said David Lucatch, President of Ortsbo / CEO Intertainment Media.