Chinese media group fails to acquire Newsweek
19 Jun 2010
A Chinese investor group led by China's Southern Daily Group that publishes the Southern Weekly has failed in an attempt to buy popular US newsweekly Newsweek owned by The Washington Post Company.
Newsweek, launched in 1933 by a group of US stockholders is currently the second-largest news weekly magazine in the US, and has been struggling to compete with free online news. The Washington Post Company had put the magazine for sale in May 2010.
The China Daily, citing Southern Daily Group's senior management, reported yesterday that the group's recent attempt to acquire Newsweek magazine - a Chinese company's first bid for a Western publication - had failed, but the group hoped to make other, similar purchases.
"The offer to Newsweek is a volunteer action of Chinese media professionals and investors," said Xiang Xi, managing editor of Southern Weekly to the paper.
The Southern Weekly owned by the Group, was granted an exclusive interview with the US President Barrack Obama during his visit to Beijing last November.
The bid was attempted by Southern Daily Group in partnership with B-raymedia, a Shanghai-listed company based in Chengdu of Southwest China's Sichuan province that owns several metropolis papers, and two other investment funds.