Singapore-based Asian Food Channel (AFC) has just been acquired by Scripps Networks Interactive.
Scripps Networks Interactive Inc, which has made international expansion a top strategic priority, is strengthening its competitive position in Asia with the acquisition today of the Asian Food Channel (AFC), the region’s leading food-focused pay television network.
The Asian Food Channel, which is based in Singapore, reaches about 8 million subscribers in 11 markets. With the addition of the Asian Food Channel, Scripps Networks Interactive now has three lifestyle television brands that it is marketing in the region. Food Network and Travel Channel also are distributed in Asia.
“Asia and the rapid growth in pay television households throughout the region hold great promise for Scripps Networks Interactive and its international ambitions,” said Kenneth W. Lowe, the company’s chairman, president and chief executive officer. “Acquiring the Asian Food Channel significantly expands our presence in key growth markets and provides us with a solid foundation on which to build a growing lifestyle media business in the region. The channel aligns perfectly with our lifestyle programming focus.”
The Asian Food Channel broadcasts 24 hours a day, seven days a week and leverages a substantial library of acquired Asian and international video content as well as a growing number of originally-produced programs. The network generates revenues through regional and local advertising sales as well as fees from pay television operators.
The acquisition of Asian Food Channel marks another success for the local ecosystem. Last year, Singapore-based food review site HungryGoWhere was acquired by SingTel. Earlier this year too, sgCarMart was acquired by Singapore Press Holdings for US$48 million. It seems like content based networks and companies are hot commodities nowadays.