China bids for Newsweek in vain

Beijing, June 18 (ANI): Despite failing to acquire Newsweek magazine - the country's first bid for a Western publication, China's Southern Daily Group is looking forward to make other similar purchases.

"The offer to Newsweek is a volunteer action of Chinese media professionals and investors. With nine-language versions, Newsweek's platform with global communication resources and influence is in line with our pursuits," said Xiang Xi, Managing Editor of Southern Weekly, a weekly owned by the Group

"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," reports China Daily.

Xiang said the Group partnered 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 in the purchase attempt.

"It is like dating. It doesn't matter if one date does not like you. You grow from it," said Zhang, Secretary to the Board of Directors of B-raymedia, adding that the business talks involving bidding for overseas media have a long way to go. (ANI)