HONG KONG: Newspaper and magazine publisher Sing Pao Media Group expects to complete up to a dozen acquisitions in the coming year as a step to enter China’s publishing distribution business.
Sing Pao, publisher of Hong Kong’s Sing Pao Daily News, had signed letters of intent to buy four private audio-visual and publishing distributors in Beijing, Guangzhou, Shenzhen and Fujian, its chairman Bruno Wu said in a statement yesterday.
Wu is also chief executive officer of Sun Media Group, which bought a 55% stake in Sing Pao last month as the China-focused broadcaster sought to establish itself as a multimedia play in Greater China.
“We expect to conclude acquisitions of 10 to 12 privately owned publishing distribution enterprises in (China) within the next 12 months,” Wu said.
These companies, he added, were expected to rake in as much as 800 million yuan (US$96.65mil) in total turnover in the first year after completion of the purchases.
Wu said in an interview late last month that Sing Pao’s revenues in the next 18 months could be halved as it shifted its business focus. – Reuters