SUMG boosts new media
Print Edition
SHANGHAI United Media Group yesterday said it will invest 1.2 billion yuan (US$193 million) in a commercial property in Fengxian District to attract companies and projects related to the new-media industry.
The 90,000-square-meter building will also house bookstores, theaters and cinemas as well as an education and entertainment center for children.
Qiu Xin, Party secretary of SUMG, said the new-media industry complements other business sectors and a cluster of new-media companies in the building will create business value in the long run.
The investment is also expected to boost SUMG’s profitability which will spur the development of its major newspaper and new-media business.
Last month, SUMG and Shanghai Industrial Investment Co launched a joint fund of 1.81 billion yuan to boost the media group’s investment in cultural activities, industrial parks and innovative industries.
The cluster of new-media firms in the district is set to boost entrepreneurship.
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