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People's Daily Online>>China Business

Culture vultures set to become cash cows for China

By Lan Lan (China Daily)

09:29, March 19, 2012

Liu Changle, the founder of the private broadcaster Phoenix Satellite Television Holdings Ltd, is expanding the company's portfolio in China's burgeoning cultural industry by taking advantage of the ample capital inflows.

Although the Hong Kong-based Phoenix made its name through television work, it also owns a magazine, a website and an outdoor advertising business. It has expressed an increasing interest in movies, television dramas and the media education sector.

Traditional TV advertising dropped to 57 percent of the company's total revenue in 2011, down 4 percent from 2010, Liu said. However, he added that earnings rose overall with the increase coming from new media, magazines and television dramas.

New media remains Phoenix's major focus, and the strategy is turning the company's web portal into an interactive "omnimedia", a combination of the Internet, television and magazines, providing a diversified flow of information.

Last year, Liu announced that he would raise an equity fund worth as much as $800 million to invest in the cultural industry, mainly focusing on China's inland areas.

Last week, Phoenix signed an agreement with Bank of China Ltd to strengthen cooperation in the corporate, personal and investment banking businesses.

BOC will offer its services to Phoenix to help the broadcaster become a world-class media group, the bank said in a statement on its website, without disclosing specific financial terms.

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