Reforms continue with new SMG
Print Edition
A new Shanghai Media Group integrating assets from two other media companies was set up yesterday as the city continued to reform its state-owned media industry.
The new company will integrate assets from Shanghai Media & Entertainment Group and the old Shanghai Media Group in a market-oriented manner to better allocate a wide variety of resources under its umbrella, according to a statement. These assets include TV, radio, film and various Internet and mobile businesses.
“The city should accelerate media reforms to make the industry more competitive, which helps produce greater cultural influence,” Shanghai Party Secretary Han Zheng said at the ceremony marking the establishment of the new company.
Still a wholly state-owned enterprise, the new SMG would be able to address issues such as multi-layered management and internal rivalry so that the SOE could meet the rapid growth of new media in China and competition from abroad.
Li Ruigang, chief of the new media group, said earlier that it will take about one year to complete the restructuring.
The creation of the new firm is also a crucial step of reform in the city following the merger of Jiefang Daily Group and Wenhui-Xinmin United Press Group last year into China’s biggest newspaper company, the Shanghai United Media Group.
But shares of Shanghai-listed Oriental Pearl and BesTV, subsidiaries of the former Shanghai Media Group, fell yesterday after trading resumed on a lack of specific restructuring plans, said Cai Ling, an analyst with China National Investment & Consulting Co.
Oriental Pearl plunged by the 10 percent daily limit to 11.34 yuan (US$1.82) while BesTV closed at 32.08 yuan, down 9.99 percent from its previous trading on March 24.
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