From Marbridge Daily:
Chinese media provider Shanghai Media Group (SMG) has announced that, in accordance with broadcast industry restructuring plans laid out by China's State Administration of Radio, Film and Television (SARFT), SMG will split into two entities: Shanghai Radio & TV and Shanghai Oriental Media Group.
Shanghai Radio & TV will retain SMG's current operations structure, and be managed by the Shanghai Municipal Administration of Culture, Radio, Film & TV under the guidance of the CPC Shanghai Municipal Committee's Propaganda Department. SMG's current broadcast assets and departments involved in "news production," including its program editing committee, station editor's office, broadcast frequencies, television channels, central broadcast control room, television news center, and broadcast news center, will become part of the station.
The newly established Shanghai Oriental Media Group will be a separate legal entity, with its shares held by Shanghai Radio & TV. The new company will continue to use the English acronym SMG, and will take control of all of SMG's non-news production related assets...
So they are split up, but not really.