Shanghai Media Group plans spin-offs in bid to reform

Shanghai Media Group, China's second-largest broadcaster, is planning to spin off several units and list them over the coming two years, in an ambitious push for further reform of the country's state-owned media. The group, which is controlled by the Shanghai municipal government and had revenues of Rmb6bn ($875m) last year, was now seeking to introduce private equity investors in several of its businesses and take some public later. China has privately owned Internet companies and television content providers, but the government insists that all traditional media must remain state-owned.