Related News
New media firm to debut by end of year
Print Edition
A new media company incorporating Shanghai Media Group’s two listed firms and valued at over 100 billion yuan (US$16.3 billion) will debut in Shanghai.
Shanghai-listed Oriental Pearl and BesTV, subsidiaries of SMG, will merge into one new listed company. The new company will take over the subsidiaries’ business such as TV broadcasting, Internet Protocol TV, mobile TV, online video and mobile advertising, the Shanghai Securities News said yesterday, citing several sources. It will also incorporate business of unlisted firms under SMG such as TV shopping and film production.
The shares of Oriental Pearl and BesTV have been suspended for several months to help in “key asset integration,” the two firms said in statements to the Shanghai Stock Exchange.
Industry sources said the new company may debut by the end of this year.
The new firm is also set to venture in home entertainment because Oriental Pearl has a joint venture with Sony on PlayStation 4 and BesTV has a similar one with Microsoft on Xbox One, which will debut on the Chinese mainland on September 23.
With the launch of PS4 and Xbox One, China’s video game industry may generate about US$10 billion in sales next year, said PricewaterhouseCoopers.
The creation of the new firm marks another crucial step in reform in Shanghai following the merger of Jiefang Daily Group and Wenhui-Xinmin United Press Group last year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
