Media business

Tom Group loses Xinhua Bookstore bid, loses stomach for print media

Posted by Jeremy Goldkorn on Tuesday, March 29, 2005 at 1:19 PM

Has the acquisitive Tom Group lost its nerve when it comes to investing in Chinese media?

The below is translated from a Netease article:

Tom Group loses bid for Shanghai Xinhua Bookstores; confidence bruised

"We have basically stopped contact with Mainland media, including Xinhua Bookstores" said Tom Group CEO Wang Cheng [Wang Sing] during a press conference [held last week] to announce the Group's 2004 results. Losing the bid for Xinhua Distribution Group [i.e. Xinhua Bookstores] in November last year has caused Tom to be very cautious about the Mainland media market.

Wang told journalists that in the publishing business, Tom Group's efforts would be focused on licensing and copyright deals, and that they would not rashly advance into fields that the government is not encouraging to open up, such newspapers, magazines, and publishing.

LINKS:
Netease: Tom Group loses bid for Xinhua Bookstores (Chinese)
Tom Group Website

Thanks for the link Mike.

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