ChinaVision ready for mobile
Dong Ping vehicle enters joint venture with People's DailyHONG KONG -- ChinaVision Media Group, the new vehicle for film industry veteran Dong Ping, is to move into the mobile TV sector in China.
The move sees ChinaVision establish a joint venture with giant state newspaper and Web publishing group, The People's Daily, that will acquire tech company Youline and operate a mobile audio and visual content platform.
The People's Daily was granted the country's seventh mobile TV license in April, enabling it to reach China's 700 million mobile phone subscribers. The choice of ChinaVision as partner was testament to "its appreciation of [ChinaVision]'s capital strength and abundant visual entertainment and traditional media resources," according to a statement.
ChinaVision, which has stock exchange listings in both Hong Kong and Singapore, was until October known as Shanghai Allied Cement.
Its media assets were injected by Dong into the cement and clinker business this fall via the acquisition of a smaller newspaper, advertising and TV group. The company's cement boss "Dato" Wong Peng Chong resigned earlier this month.
Dong, a producer of "Crouching Tiger Hidden Dragon" and former head of the Asian Union film and TV production and TV broadcast group, now plans to expand ChinaVision into investing in and operating Chinese media, advertisement, satellite TV, television and film production sectors. It will also tap multimedia businesses such as airline- and network-media markets and gaming.