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Media giants merge to form new Shanghai Media Group
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A media conglomerate integrating assets from Shanghai Media & Entertainment Group and Shanghai Media Group was established today as the city continues to reform its state-owned media industry.
The wholly state-owned company, also named Shanghai Media Group, will combine its assets in a market-oriented manner to integrate media resources, including TV, radio and various Internet and mobile businesses, according to a statement.
Shanghai-listed Oriental Pearl and BesTV, subsidiaries of the former Shanghai Media Group, slumped this morning after trading resumed in the shares.
Shares of Oriental Pearl dropped the daily limit of 10 percent to 11.34 yuan (US$1.84) in the morning session. BesTV dropped to 32.13 yuan, down 9.85 percent from its last traded price on March 24.
No details were revealed about possible changes involving assets owned by Oriental Pearl and BesTV.
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