State-Owned Media Firm Invests in Shanda Cloudary
Tencent Tech, 7/16/13
Xinhua News Agency subsidiary Xinhua New Media Culture Communication has made a strategic investment in Chinese online media and game operator Shanda Interactive's wholly owned online literature subsidiary, Cloudary Corporation (Shanda Literature), according to a joint announcement made today by the two companies.
Along with the investment, Xinhua New Media and Cloudary will enter into a partnership involving capital cooperation and integration of content resources. The two companies will work together in such areas as digital literature, copyright development, and digital magazine and newspaper distribution. The two companies will also provide each other with data and technical support for network media expansion.
Xinhua New Media is primarily responsible for supporting its parent Xinhua News Agency in areas such as R&D for new media products, marketing, business expansion, and brand management.
Editor's Note: For more information on this topic, please see "Update: Shanda Cloudary Lands USD 110 Mln in New Funding," MD 7/09/13 and "Shanda's Cloudary Withdraws USD 200 Mln IPO," MD 7/12/13 issues.
Keywords: Shanda Internet investment online literature online media Shanda Literature Xinhua Cloudary Xinhua New Media
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