Shanghai Media Group launched 11 specialized channels covering news, sports, music and documentaries starting January 1, 2002 to counter the threat of growing foreign competition.
The Group was established in August 2001 by amalgamating the local main television stations, namely, Shanghai Television, Oriental Television and the smaller Satellite Broadcast Network.
With assets of 10.7 billion yuan (about US$1.34 billion)and over 5,200 staff members, the Group also owns newspapers, radio stations, film studios and website.
Ye Zhikang, head of Shanghai Media Group, said that the group is striving to be one of the 100 major world TV giants in the next three to five years, to resist the onslaught of foreign media groups now that the domestic market is opening following China's accession to the World Trade Organization (WTO).
(People's Daily January 3, 2002)
