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Shanghai's two leading press groups merge into China's biggest
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SHANGHAI'S two leading press groups merged today, creating one of the country's biggest newspaper companies, in a bid to press ahead with reforms and develop multimedia platforms to drive growth.
The merger between the Jiefang Daily Group and Wenhui-Xinmin United Press Group should provide a stronger competitor in a market in which readers and advertisers are moving from print to digital media, analysts said.
The newly established Shanghai United Media Group will publish Jiefang Daily, Wenhui Daily and the Xinmin Evening News, three major Chinese-language newspapers in the city. Each of the three will maintain its independent news reporting and business operations, and will be encouraged to explore new business models.
The merged group will also publish Shanghai Daily and a raft of metropolitan newspapers, including the Shanghai Morning Post, the Oriental Morning Post, the Shanghai Evening Post and periodicals such as The Bund and Xinmin Weekly.
Total assets of the consolidated group are 20.87 billion yuan (US$3.42 billion), with net assets of 7.62 billion yuan. After the merger, the group will focus on developing new media businesses and consolidating resources to support newspapers with growth potential.
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