A CHINESE media group has tried, but failed, to buy the unprofitable US news magazine Newsweek – the first time a Chinese company has bid for a western media outlet, as China continues its efforts to project its “soft power” image abroad and expand its global influence.
Newsweek, owned by the Washington Postgroup, has lost €35.5 million on an operating basis since 2007. Dozens of bidders have been circulating.
Xiang Xi, managing editor of Southern Weekly, told the China Dailythat the bid was just a start.
"It is like dating . . . it doesn't matter if one date does not like you. You grow from it," said Mr Xiang. "With nine language versions, Newsweek's platform with global communication resources and influence is in line with our pursuits."
The media is tightly controlled in China, and editors and journalists alike have to bow to a series of tough regulations to operate. The Southern Media Group is one of the more adventurous publishing houses in China, and its editors and journalists often come up against official disapproval.
Mr Xiang denied any government involvement in the investors behind the bid.
The world’s most populous nation is currently setting up companies that will compete with the world’s media giants, and reflect its growing economic muscle.
When the rest of the world’s media industry is struggling with cutbacks, China is flush with cash and keen to peddle greater influence. The country has a $6 billion (€4.85 billion) war chest to pay for the expansion of its media groups.
