SCMP in magazine venture with Hearst

The South China Morning Post Group, publisher of South China Morning Post and the SCMP.com Web site, has struck a deal with United States-based magazine publisher Hearst Magazines International to set up a Chinese-language magazine publishing joint venture.

The venture will publish two magazines, Cosmopolitan and Harper's Bazaar, in Hong Kong and Macau. The jointly owned company will be 70 per cent held by the SCMP Group and 30 per cent by Hearst.

The deal creates an equity venture of a relationship which dates back to December 1984 when the US group licensed TVE International - acquired by the SCMP in 1996 - to publish Cosmopolitan. Four years later, TVE secured the licence to publish Harper's Bazaar.

SCMP Group chairman Kuok Khoon Ean said: 'We intend to build upon the successes of Cosmopolitan and Harper's Bazaar which were previously titles licensed to us and explore further the opportunities to publish more titles with Hearst Magazines International.' Hearst Magazines International president George Green said he was pleased that after many years as a licenser of the two titles, his group would now be able to 'participate in their successes in Hong Kong to a greater extent'.

He did not rule out the possibility that the venture would launch other titles from the Hearst stable if they were considered suitable for the Chinese-language market place.