China is seeking a media machine, with a plan to spend billions of dollars across the next few years to develop media and entertainment companies to compete with global players such as Time Warner and News Corp. The plan was outlined in guidelines last week by China's State Council, with hopes to consolidate its industry into companies similar to Bloomberg and Viacom, for example. Jim Laurie, a teacher at Hong Kong University and former ABC News correspondent, said, 'There appears to be a feeling at the highest levels of government that they need a media machine commensurate to the rising status and power of China'. News programming is under the control of the Communist Party, however, and is likely to stay that way. Shanghai Media Group will benefit from the new program - it already has partnerships with companies including News Corp and CNBC.
Media Partners Asia director Vivek Couto said the move may be an invitation for private equity and foreign capital to do more and Linden Consulting head Zhu Mei agreed that the proposal opened up opportunities for Western companies 'to come in and find partners.'
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