Shanghai media conglomerate aspires to build China's equivalent of Bloomberg: reports

PUBLISHED : Friday, 14 February, 2014, 4:30pm
UPDATED : Friday, 14 February, 2014, 5:34pm

The Shanghai United  Media Group (SUMG), a newly created state-owned media conglomerate, has taken the first steps towards building China's equivalent of US financial information giant Bloomberg, according to Chinese media analysts.

A hiring advertisement posted by SUMG, which went viral on social media on Thursday, has added to speculation about the media conglomerate's plans to build a powerful financial service empire capable of competing with local and international rivals, wrote TMTpost columnist Wei Wuhui, who has been closely watching SMG's recent reforms.

The advert said the group was looking for journalists, researchers, engineers and analysts to fill more than 100 vacancies. It said the 60 senior business reporters who are recruited will be given stock options in the company.

"There will not be traditional editors and reporters in our firm," reads the advert, "We are looking for people with real connections and  talent from areas ranging from law to public relations."

The post explained that the services provided by the new firm will include supplying investment information for individuals, producing reports of listed companies, and providing investor

The new project will be led by He Li, a former chief editor of Caijing magazine. Funding will also be sought from other local and overseas investors, with a goal of US$500 million in total,  the South China Morning Post reported last week

Meanwhile, executives at  Shanghai Media Group (SMG), the second largest media group in the country, were also reported to be hashing out ambitious reforms.  

Li Ruigang, a veteran media executive who was appointed group president in 2002 and charged with the mission of reforming and expanding SMG, said in a recent speech  that the company's success depends on how well its businesses are integrated with the internet.

"Everything we do, no matter [whether] it's content or business development, will not succeed if it's not adapted to mobile internet, " he said.

SMG includes in its portfolio three television companies, two radio stations, a newspaper, an internet portal, six sports teams and 12 prominent buildings in the city. The group also produces content distributed to 200 TV stations across the country.