Chinese investors buy tech media IDG
Print Edition
INTERNATIONAL Data Group, the owner of PCWorld magazine and market researcher IDC, yesterday said it is being acquired by China Oceanwide Holdings Group and IDG Capital, the investment management company run by IDG China executive Hugo Shong.
It is the latest technology and media asset to be sold to Chinese investors, following deals for US companies last year such as television producer Dick Clark Productions, and customer satisfaction firm JD Power and Associates.
Terms of the deal were not disclosed.
Previous reports said IDG had been in advanced talks to sell itself to a Chinese buyout group and was seeking US$500 million to US$1 billion.
Beijing-based conglomerate Oceanwide, founded by billionaire Lu Zhiqiang, pledged US$3.8 billion to take control of US insurer Genworth Financial Inc last year.
IDG will add to its media holdings in China including the Economic Observer, a business newspaper and a performance theater in Xi’an, Oceanwide director Brett Liu said.
IDG’s headquarters will remain in Boston.
Both Oceanwide and IDG Capital had initially bid separately for the entire company last April before IDG’s banker Goldman Sachs suggested they team up, IDG Chairman Walter Boyd said.
Oceanwide will now become the controlling shareholder in IDG’s operating businesses with IDG Capital taking a minority stake. IDG Capital will take the majority stake in the IDG venture businesses.
IDG’s venture arm has invested in some of China’s biggest Internet companies such as Baidu, Tencent and Ctrip.com International.
Shong, a close associate of late IDG founder Pat McGovern, formed one of China’s first venture capital firms in 1993, with IDG’s backing.
The companies said the deal has been cleared by the US Committee on Foreign Investment and will close in the first quarter.
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