Telstra Corporation Limited
(ASX:TLS) and Seven West Media Limited
(ASX:SWM) have entered a $10.4 million partnership with online consumer health website HealthEngine.
Telstra and Seven West Media will each invest $5.2 million through a combination of cash and value-in-kind to secure a significant stake in the business.
Both companies believe HealthEngine is well-placed to capitalise on growth in the healthcare sector, which generates over $100 billion in revenue each year.
Telstra Media Group Managing Director Rick Ellis says the investment is in line with its strategy of developing new growth businesses and to increase its capability in eHealth.
Seven West Media Group Chief operating officer Rohan Lund says the portal will be the nation’s biggest patient and practitioner marketplace.
Telstra generated a net profit of $1.6 billion in the first half of the 2013 financial year and Seven West reported a net loss of 109.3 million in the first half of the current financial year.
