Bloomsbury expands global footprint with Chinese joint venture
Publishing house Bloomsbury has expanded its international presence by entering the domestic Chinese market.
The firm has signed on for a new joint venture with state-owned publisher China Youth Publishing Group (CYPG) and its limited company subsidiary Roaring Lion Media (RLM).
Based in Beijing, the joint venture will publish its own titles originating from China, as well as licensing titles from Bloomsbury and other global publishers in the Chinese language for the mainland market.
Bloomsbury, which is one of a small number of Western publishers to have entered the Chinese domestic market, has 50 per cent ownership in the joint venture, with CYPG holding 30 per cent, and RLM the remaining 20 per cent.
Nigel Newton, founder and chief executive of Bloomsbury, said: “Today’s announcement marks an important moment in Bloomsbury’s international expansion.
“This joint venture provides a unique opportunity to work with two companies which are highly complementary to our business.
“As one of the original four publishing companies founded following the creation of the People’s Republic of China, CYPG’s reputation, history and reach within the country makes it an excellent partner for our business. In addition, RLM’s market and operations expertise will help the joint venture grow quickly.”
Pi Jun, President of CYPG and RLM, said: “China Youth Press and Bloomsbury Publishing Plc both have complementary advantages in many aspects, with excellent publishing resources, channel resources and brand influence.
“The strong alliance between the two companies will provide domestic and foreign readers with better reading experience, develop more business opportunities, and create a successful example of Sino-British publishing exchange and cooperation.”
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