Star China Media, the media and entertainment joint-venture owned by News Corp and state-backed China Media Capital, has announced a partnership with investment and asset management firm Puji Capital. The partners will create Shanghai-based Puji Star Media Co to invest in and develop international TV content for the local Star platform. Star China Media broadcasts three Chinese language channels and owns contemporary Chinese film library, Fortune Star.
SHANGHAI, July 3, 2012 — STAR China Media Ltd and Puji Capital Limited have entered a joint venture partnership for the investment and development of international TV content for the STAR platform in China and other investment opportunities. The joint venture is to be named Puji Star Media Co., Ltd. based in Shanghai, China.
The venture will invest in internationally inspired TV content and advertising with particular interest in the Americas/Hollywood, Europe, Japan, Korea, and among others tailored for the local Chinese viewers onto the STAR TV’s platform including various types of content made for TV and produced for the Chinese market. It shall also invest in opportunities to enhance the profile and value chain of STAR China in China and worldwide.
Mr. Tian Ming, CEO of STAR China, said, “Puji’s vast experience in value creation for shareholders coupled with their strong international media network and platforms allows us to be well positioned to the tremendous opportunity that lies ahead for us in the China media market.”
Mr. Michael Chien from Shanghai and Mr. Jotaro Nonaka from Japan, Managing Partners of Puji Capital said in a joint statement, “We are honored to partner with Tian Ming and his team who has turned STAR TV to a profitable company within a short time with his creativity and solid understanding to capture the passion of Chinese viewers and its commercial value. STAR China is a very distinctive TV platform that enjoys many content and distribution advantages over its competitors forChina market. We believe that Puji Star Media will provide a very unique ‘One Stop Gateway’ for those who wish to optimize and maximize their business through STAR TV’s vast coverage in the China market.”
In the announcement of industrial statistic in 2011 by the State Administration of Radio, Film and TV, China’s TV market experienced tremendous growth over the past years, with broadcasting revenues increasing US$15 billion in 2005 to US$37 billion in 2010 and enjoyed a 22% increase in 2011. The Chinese media, specifically television content, is growing at annual rate of 27% and producing US$19 billion dollars in 2011 of advertising.