BesTV’s fund scouts for M&As
Print Edition
BesTV, a new-media subsidiary of Shanghai’s biggest media giant, plans to set up a new 900 million yuan (US$145 million) fund in the city’s free trade zone to seek mergers and acquisitions in new-media and home entertainment sectors, the company said yesterday.
The investment arm will be established in the pilot FTZ so that it helps BesTV explore prospects to invest overseas or merge, it said in a statement to the Shanghai Stock Exchange.
As the media flagship of the new Shanghai Media Group, BesTV Investment could attract capital up to 10 billion yuan, industry officials said. SMG operates most of the city’s TV and radio business.
In a separate statement also released yesterday, BesTV said it has established a joint venture with Tenth Avenue, a subsidiary of global media giant WPP. The new venture, Bestenth, will focus on Chinese digital outdoors and mobile Internet advertising market.
BesTV has also cooperated with Microsoft Corp and Disney on home entertainment.
In 2013, BesTV’s net profit gained 31.1 percent to 677 million yuan, and revenue rose 30 percent to 2.64 billion yuan.
BesTV has identified mobile Internet and new-media business as profit engines.
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