HK Modern Media to launch Bloomberg Businessweek smartphone and tablet offerings in China

29 August 2012 9 h 02 min Comments Off

Modern Media Holdings, which partners with Bloomberg L.P. to publish a Chinese-language edition of Bloomberg Businessweek in China, said yesterday it has reached an agreement with the U.S. media giant to develop mobile and tablet products in addition to its print version.

The agreement is for nine years and will take effect on Sept. 1, Modern Media said in a voluntary statement at the Hong Kong Stock Exchange.  It follows March 2011 general cooperation agreement between Bloomberg and Modern Media Holdings.

The Chinese publisher has been granted, among others, the exclusive right to develop certain mobile, tablet, and related application software products in connection with the publication of the simplified Chinese edition of Bloomberg Businessweek within the PRC. As a result, in addition to the traditional printed version, Bloomberg Businessweek will also be available in smartphone and tablet applications, which provides an alternative platform and user experience for readers to choose.

Bloomberg’s own website in China has been blocked since the company recently published in June 2012 an estimate of the family wealth of Xi Jinping, the man tipped to replace Hu Jintao as the Communist Party’s leader in the coming months.

Bloomberg Businessweek ‘s Hong Kong-listed rival, SEEC Media Group, said earlier this month that a 25% increase in advertising revenue at China’s top-selling business magazine, Caijing, helped to fuel a big gain in first-half profit amid cooling economic growth in the country.

Modern Media Holdings (HK based company) is a leading integrated media enterprise, owning a multi-media platform composed with established magazine portfolio, digital media, and TV media. The Group produces high quality contents for elite audience in China, and provides one-stop marketing solution for brand marketers. The Group principally engaged in the publication and operation of print, digital, and TV media in PRC and Hong Kong. Its strong magazine portfolio includes two leading weekly magazines in China – “週末畫報” (Modern Weekly) and “優家畫報” (Modern Lady Weekly, formerly known as U+ Weekly), one leading bi-weekly magazine – “商業週刊/中文版” (Bloomberg Businessweek/China) and 7 strategically defined monthly magazines for
different elite segments, namely “新視線” (The Outlook Magazine), “健康時尚” (LOHAS), “生活” (Life Magazine), “大都市” (Numero),“藝術界” (Leap), “天南” (Chutzpah!) and “號外” (City Magazine) in Hong Kong. Meanwhile, riding on the strong positioning of “週末畫報” (Modern Weekly), the Group publishes Modern Weekly “iWeekly” application on iPhone & iPad and also produces series of lifestyle TV programs.

Sources: Modern Media Holdings (28/08/2012)

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