Media business

Richard Li and Rupert Murdoch to join forces against Bloomberg?

little_richard.jpg
Richard Li - "not happy"? Image source

A pseudonymous blogger who apparently has some inside sources sent the following link to Danwei: Taking aim at Bloomberg, Hong Kong Billionaire Richard Li and Rupert Murdoch join forces

Excerpt:

Hong Kong telecommunications mogul Richard Li and global media baron Rupert Murdoch have partnered to challenge the dominance of Bloomberg and Thomson Reuters in the delivery of real-time financial news and data to professional investors around the world, a bold move likely to shake up the US$16 billion global financial data and news market.

Li, billionaire chairman of Hong Kong telecommunications company PCCW, has built a Bloomberg-style financial data terminal to deliver live prices, market data and analytical tools to traders and investors around the world and, according to people familiar with the situation, the terminal will carry the news of Dow Jones, the financial news icon now part of Rupert Murdoch’s News Corporation....

...The existence of the Li’s venture — provisionally called Cai Business Indepth Limited — and its agreement with News Corp. has been a closely guarded secret; no public announcements has been made. But rumors about the venture and its ambitions have been circulating in Hong Kong and China since early 2009...

[Editor's note: Cai Indepth is already operating, see website linked below]

...After several delays, the official launch is expected sometime in 2010, and News Corp. chairman Rupert Murdoch himself is rumored to be attending...

...For news coverage of China, along with translations from the Hong Kong Economic Journal, in which Li bought a 50% stake in 2006, Li signed a deal with Caijing magazine and its renowned editor, Hu Shuli. Caijing’s stories were to be translated into English and edited by a team in Beijing and then run on Li’s terminal. But that deal fell through when internal wrangling at Caijing prompted Hu to quit to start her own magazine. Hu and Li are no longer pursuing a deal and Li is now scrambling to stitch up a deal with another mainland business publication...

...Until now, most reporting on Li’s new business has been incidental, made in relation to Caijing and Hu Shuli, which misses the point: For Li, Caijing and Hu Shuli are small fry. His main content partner is Rupert Murdoch and News Corp., a media empire that spans the globe with cable and satellite television, film, newspapers, websites, book publishing and, since 2007, Dow Jones.

Danwei could not get any independent confirmation of this story. Senior staff at Dow Jones and at Cai Indepth did not reply to emails asking for confirmation of the story.

After I posted a message on Twitter asking for information, someone who described himself as an insider replied anonymously with the following comment on Richard Li:

He's super tight — apparently not happy with the long time it took to launch the service and the little results delivered since it launched. He's not willing to put in more money....

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There are currently 6 Comments for Richard Li and Rupert Murdoch to join forces against Bloomberg?.

Comments on Richard Li and Rupert Murdoch to join forces against Bloomberg?

So Dow Jones is back at it so long after the demise of Telerate... fascinating development now with News Corp owning Dow Jones and with Richard Li.

Still trying to make inroads, eh Rupert? I guess you could dump the useless Chinese crumpet and marry Richard Li instead... he'd be much more useful, though beware of the silver spoon lad: he apparently doesn't have the Midas touch of his old man...

LovChinaLongTime,
Your envy of Murdoch is too plain. If you channeled your wit into some other subject you might eventually obtain 0.000000000001 percent of his wealth.

the author is totally off base in his suppositions about dow jones involvement. dow jones will happily sell dow jones newswire through any terminal that is willing to carry it

and the idea that " was Li’s terminal the raison d’etre for News Corp. to buy Dow Jones in 2007? Did Murdoch and Li strike a deal that, if Murdoch successfully took over Dow Jones, Li would build a data terminal?" is just stupidity.

li's sinocai venture is no doubt in trouble from poor planning, misguided positioning and costs overruns, but the dow jones plot angle pretty much discredits the entire piece

@Nicholas: Looks like you've been channeling. Retiring to the Riviera anytime soon or still gonna hangout in that rented apartment in the only country that'll accept you...China?

I think the source here has questionable reliability. However, they are essentially always going to have trouble breaking into such a crowded market. Of course, both Richard Li and Murdoch will know what they are getting into here. Financial firms are unlikely to make a switch easily, and the combined power and reputation of these two could help there.

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