(Bloomberg, Jun 24, 2013)–Bloomberg Businessweek magazine today announced a new licensing agreement with Modern Media Holdings Limited (Listed no. 0072) to publish a Traditional Chinese-language edition of Bloomberg Businessweek in Hong Kong. This agreement builds on the existing Bloomberg Businessweek/Mainland China partnership with Modern Media, and will allow the magazine to further its reach among globally-minded business leaders in an increasingly important and influential region.
On June 26, 2013, Bloomberg Businessweek/Chinese Edition will launch as a weekly magazine distributed every Wednesday in Hong Kong. The new edition will feature locally-focused business and financial content from Bloomberg News’ 26 Asian news bureaus and Modern Media Holdings, and will uphold the dedication of the Bloomberg Businessweek brand to innovative editorial and design. The magazine will also be available across mobile and tablet platforms.
“We are committed to delivering a great magazine to our readers in Greater China that has engaging stories about who and what will be shaping the local business landscape next,” said Paul Bascobert, President of Bloomberg Businessweek. “Modern Media is the right partner for Bloomberg Businessweek/Chinese Edition, as it has demonstrated a keen understanding of the market, and is able to smartly integrate Bloomberg’s reporting with its original content. This is yet another sign that Bloomberg is in Greater China for the long-term, and we believe our partnership with Modern Media will help us continue to inform and inspire influential senior business executives in one of the world’s most exciting growth regions.”
Bloomberg Businessweek’s expansion demonstrates the worldwide success of the award-winning magazine and Bloomberg LP’s Asia momentum. The reinvention of Businessweek under Bloomberg has been celebrated by both readers and advertisers, with Bloomberg Businessweek’s individually paid subscribers growing 37% from the end of 2009 through the end of 2012, according to the Audit Bureau of Circulation, and ad pages growing 19.5% in that same period, as stated by Publishers Information Bureau. In January 2012, the magazine’s global rate base increased from 900,000 to 980,000 and dedicated regional editions were launched in Europe and Asia. Bloomberg Businessweek’s circulation in Asia doubled over 2012, and according to the BE Asia 2012 survey, 50% of Bloomberg Businessweek’s Asia edition are in the C-Suite.
Modern Media Chairman Mr. Thomas Shao said, “Modern Media and Bloomberg share the same goals and spirit –‘Lead. Don’t Follow’. The forthcoming Bloomberg Businessweek/Hong Kong edition combines Bloomberg and Modern Media’s elite editorial teams from Hong Kong, Taiwan and Mainland China within the areas of culture, finance and arts to report on the Hong Kong market’s most in demand companies and hottest topics. The rich analysis of new economic and social changes will allow readers to stand taller, see further and understand global trends better to become a leader in the world’s financial stage.”