Home 禄 Metro 禄 Entertainment and Culture
Merger creates biggest media group
Print Edition
Shanghai’s two leading press groups merged yesterday, creating the country’s biggest newspaper company and the new parent company of Shanghai Daily, 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 will create a consolidated group with total assets of 20.87 billion yuan (US$3.42 billion) and net assets of 7.626 billion yuan.
The newly established Shanghai United Media Group will oversee the publishing of Jiefang Daily, Wenhui Daily and 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 new group will also publish Shanghai Daily and a raft of metropolitan newspapers, including Shanghai Morning Post, Oriental Morning Post, Shanghai Evening Post and periodicals such as The Bund and Xinmin Weekly.
“The consolidation of the two groups is in response to the trend of media transformation,” said Qiu Xin, publisher of the new group, during the inauguration ceremony.
“The merger is an initiative to promote Shanghai media’s influence and centralize resources to expand in the new media sector,” Qiu added.
After the merger, the group will focus on developing new media businesses and consolidating resources to support its newspapers with growth potential.
“It’s a major restructuring for the country’s two media groups, and it clearly aims to create a strong player in the field,” said Zhang Zhi’an, vice director of the School of Communications and Design at Guangzhou-based Sun Yat-sen University.
“The newspaper market is rather saturated in Shanghai, and overlapping businesses within the same groups create pressure on profitability,” he added. “Publishers need to join hands to fend off strong rivals in the new media sector. All of this needs new arrangement under unified headquarters.”
Shanghai Party Secretary Han Zheng has been urging the city’s newspaper publishers to pay particular attention to new media trends and to accelerate their efforts to capitalize on them during inspection tours to the city’s major media outlets.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
