The mainland's second-largest television broadcaster is keen to tap into the capital markets and reinvent itself as a diversified nationwide conglomerate despite regulatory uncertainty over both endeavours, its chief executive said. Shanghai Media Group president Li Ruigang said although it was unrealistic for the group to go public under current regulatory conditions, it planned to spin off some units engaged in programme production, advertising and other non-news businesses 'in one or two years'. He did not disclose where the listings would take place. The central government was weighing a scheme to liberalise the country's culture industry, a ranking official at the Central Publicity Department told state media last week. Earlier, Beijing had declared its goal of consolidating the publishing industry, a sector as tightly controlled by the state as the television industry because of its being a political sensitive business, and vowed to facilitate the flotation of a few key publishers. But the Communist Party has shown no signs of relaxing its grip on day-to-day news services. 'Right now, it's hard for Shanghai Media to go public as a group, because we are involved in a lot of news reporting,' Mr Li said. 'But we can 'marketise' some divisions, like fashion, animation production and entertainment. Then, in one or two years, it would be ripe for these divisions to go public, definitely. 'To be honest, we should not wait for a one-off deregulation any time soon, but there's the possibility of finding a proper marketisation model [acceptable to everyone].' Two of the firm's leading listing candidates are Enjoy Young Media, a newly launched television-to-magazine entertainment subsidiary from the money-spinning fashion channel, and the more established China Business News, a versatile financial information provider that runs a flagship television channel in conjunction with CNBC. Best TV, an internet protocol television (IPTV) service with 1.6 million subscribers and due to be boosted by the launch of 3G mobile networks on the mainland this year, was also high on the list, said Mr Li. 'We are negotiating the first round of outside financing for the IPTV business from private equity investors,' he said. Shanghai Media had revenue of 6 billion yuan (HK$6.8 billion) last year, mostly from selling advertising. China Central Television, the country's undisputed No1 broadcaster, earned at least 8 billion yuan in advertising last year. To attract more potential investors, Shanghai Media is trying to move away from its traditional reliance on advertising income. Mainland television networks are owned and run by local governments, with the exception of CCTV, causing a high level of decentralisation business-wise. Bao Xiaoqun, the chief director of Enjoy Young Media, said his Shanghai unit had been making headway buying de facto control of fashion channels in other mainland cities.