2nd Dec 2019 10:31
(Alliance News) - Bloomsbury Publishing PLC on Monday said it has entered the domestic Chinese market through a joint venture with China Youth Publishing Group, a state-owned publisher, and its subsidiary Roaring Lion Media.
Bloomsbury said it has 50% ownership in the joint venture, with CYPG 30%, and RLM the remaining 20%.
The UK publishing company said the partnership enables it to further accelerate the Bigger Bloomsbury strategy, which aims to expand the company's China profile and presence within the country.
Bloomsbury said the joint venture will be based in Beijing and will publish its own titles originating from China. It will also license titles from Bloomsbury and other global publishers in the Chinese language for the mainland market.
Bloomsbury said it already has a presence in the region, with sales of English language titles in China and revenue from licensing of IP rights for Chinese translations growing "significantly" over the past five years.
"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," said Bloomsbury Founder & Chief Executive Nigel Newton.
Bloomsbury shares were trading 1.9% higher in London on Monday at 275.00 pence each.
By Evelina Grecenko; [email protected]
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