Are You Ready to Watch TV in Chinese?
Despite tremendous economic progress and huge strides in political influence, China has failed to be equally successful in spreading its culture through media and entertainment. However, the New York Times is reporting that this may be changing.
Over the next few years China’s State Council is planning to direct billions of dollars to be spent in developing real competition for US media powerhouses like News Corporation, Bloomberg, and Time Warner.
According to a Beijing announcement, the new entities would be designed to allow outside financing instead of being “attached to government departments as parasites.” The Chinese government is also planning to generally loosen its currently firm control of the media and entertainment industries.
In what could be considered a sign that China’s media industry is already becoming more market-oriented, the Chinese film group Huayi Brothers Media Corporation is expected to move forward with a public stock offering to raise $90 million. More details are available from this New York Times piece on China media and entertainment.