Exhibit 1

Asiacontent.com and MTV Networks Announce Termination of Joint Venture

Hong Kong/New York, December 24, 2002 - Asiacontent.com, Ltd. (OTC BB: IASIF.OB)
(the "Company") today announced that it had 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 Korea, China, Taiwan, Southeast Asia and India since 2000. MTV Networks
is a division of Viacom International, Inc.

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 next several
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 July 10, 2002.

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This release contains forward-looking statements with respect to the Company's
joint venture with MTV and the Company's liquidation and dissolution. Factors
that may cause actual results to differ materially from these forward-looking
statements include the following: a failure to complete the transfer of joint
venture shares, amounts to be realized in connection with the sale of the
Company's assets, the ability of the Company to effect an orderly wind down of
its operations, the possible delay in implementation or termination of the plan
of liquidation and dissolution, the timing and amount of payments to members,
the effect of litigation in which the Company is involved and unknown
liabilities which may be asserted in connection with the liquidation. Please
refer to the Company's Annual Report on Form 20-F for the fiscal year ended
December 31, 2001 and the Company's other filings with the SEC from time to
time, for a description of certain additional factors which may cause results to
differ materially from those indicated by these forward-looking statements.