Louise Duffy ©RapidTVNews | 07-09-2011
Advertising and consultancy services provider China Oriental Culture Group intends to acquire a 49% stake in Hunan Mobile TV and a 95% stake in Beijing Jiahua for up to HK$1.36 billion.
Hunan Mobile TV builds, develops and manages mobile TV networks, provides broadcast TV programmes, transmits multimedia information and manages TV advertising. Beijing Jiahua is principally involved in the development and promotion of arts and culture-related activities in China.
Li Qing, executive director of China Oriental Culture Group, said: “The possible acquisition will expand the company's outdoor advertising and TV drama production businesses in China. It is also a step forward for the group's development of its cross-media platform. With the leadership development of the core businesses of the group of outdoor advertising and TV drama production, all other media businesses under the group's cross-media platform will benefit from this unique synergy.
“The possible acquisition would provide an excellent opportunity to widen the group's income stream and generate better revenues and profits for the group.”