In a move that marks the first time the major Singapore media company MediaCorp has invested in an eCommerce retailer, TechCrunch reports that the conglomerate has finalized a deal to put $40 million into the members-only shopping site Reebonz.
“We are confident that by collaborating closely with Reebonz, we’ll see even more breakthroughs from the retailer,” MediaCorp CEO Shaun Seow said, according to the report.
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The media outlet noted that the investment followed a similar decision by MediaCorp’s main competitor Singapore Press Holding, which recently invested in a restaurant booking site.
Read the full report here.
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