China’s bids on US magazine Newsweek fails
Investors say more media buys are coming
How’s this for under the radar…
China’s Southern Daily Group’s recent attempt to acquire Newsweek magazine - the country’s first bid for a Western publication - has failed, but the bidder is expecting to make other, similar purchases, the publication’s senior management said on Thursday.
“The offer to Newsweek is a volunteer action of Chinese media professionals and investors,” said Xiang Xi, managing editor of Southern Weekly, a weekly owned by the Group, who was granted an exclusive interview with President Obama during his visit to Beijing last November.
“With nine-language versions, Newsweek’s platform with global communication resources and influence is in line with our pursuits.”
The head of China’s most influential weekly denied any government involvement in the investments behind the bid for the Washington Post-owned news weekly.