US$21b media firm to debut in Shanghai
Print Edition
A NEW media company, with an expected market value of 130 billion yuan (US$21 billion), is set to debut in Shanghai after the Shanghai-listed BesTV got regulator’s approval to merge with Oriental Pearl whose parent firm Shanghai Media Group will invest in the new venture.
The new listed firm, with BesTV’s name and code, will be the first domestically listed media firm with market value of more than 100 billion yuan. It will incorporate BesTV, Oriental Pearl and SMG’s assets including TV broadcasting, Internet Protocol TV, mobile TV, online video and mobile advertising, TV shopping, film production and media copyrights.
BesTV shares jumped 2.19 percent to close 50.96 yuan yesterday after the approval from the China Securities Regulatory Commission for the asset integration. Before that, both BesTV and Oriental Pearl, listed subsidiaries of SMG, were suspended from trading for several months.
The creation of the new firm marks another crucial step in the reforms of state-owned assets in Shanghai following the merger of Jiefang Daily Group and Wenhui-Xinmin United Press Group in 2013.
The flagship listed media firm has a great potential for integrated media business, with growth engines like mobile and entertainment, analysts said.
The new firm will also venture into home entertainment, with Oriental Pearl having a pact with Sony on PlayStation 4 and BesTV with Microsoft on Xbox One.
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