Bloomsbury Publishing PLC BLOOMSBURY ENTERS DOMESTIC CHINESE MARKET (2357V)
02 December 2019 - 6:00PM
UK Regulatory
TIDMBMY
RNS Number : 2357V
Bloomsbury Publishing PLC
02 December 2019
2 December 2019
BLOOMSBURY PUBLISHING Plc
("Bloomsbury")
BLOOMSBURY ENTERS DOMESTIC CHINESE MARKET
-- New joint venture signed with China Youth Publishing Group and Roaring Lion Media
-- Deal marks important strategic step for expanding Bloomsbury's international presence
-- Bloomsbury joins small number of Western publishers in fast-growing Chinese market
Bloomsbury is pleased to announce its entry to the domestic
Chinese market through a joint venture with China Youth Publishing
Group (CYPG), a state-owned publisher, and Roaring Lion Media
(RLM), a limited company subsidiary of CYPG. Expanding Bloomsbury's
China profile and presence within the country is a key objective of
the Bigger Bloomsbury strategy, and this partnership enables the
business to further accelerate that goal.
The joint venture will be based in Beijing and 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 has 50% ownership in the joint
venture, with CYPG 30%, and RLM the remaining 20%. The investment
is de minimis. Vafa Payman, Managing Director, Bloomsbury China,
will run the business on behalf of Bloomsbury.
This new joint venture is a unique opportunity for Bloomsbury as
it becomes one of a very small number of Western publishers with
joint ventures in the Chinese mainland domestic market. China is an
important and growing market for books and in particular is a key
market for trade and academic publishing. It is expected to
continue to grow, with China projected to surpass the USA as the
world's largest economy by 2030.
Bloomsbury 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. The joint venture presents the next step in
establishing a domestic publishing footprint.
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."
-ENDS-
MEDIA CONTACTS
Hudson Sandler
Dan de Belder / Hattie Dreyfus
T: +44 (0) 20 7796 4133
Bloomsbury@hudsonsandler.com
NOTES TO EDITORS
Bloomsbury Publishing Plc
Bloomsbury is a leading independent publisher of fiction,
non-fiction, children's, specialist, academic and professional
titles, listed on the London Stock Exchange. It is one of the few
publishers with a portfolio that includes both general and academic
publishing. Bloomsbury's ambitious growth story has seen the Group
become a significant global publisher with offices in the UK, US,
Australia and India.
China Youth Publishing Group (CYPG)
CYPG is one of the original four publishing companies founded
following the creation of the People's Republic of China. CYPG and
its subsidiaries publish magazines, classic Chinese literature and
trade fiction, as well as social sciences, literature and arts
titles. Its best sellers are fiction titles that sell more than 1.5
million copies per year. In addition to books CYPG publishes Youth
Literary Digest, a very popular magazine targeted at middle, high
school and university students.
Roaring Lion Media (RLM)
Roaring Lion Media Co., Ltd (RLM) was founded by CYP in November
2007. It has more than 70 employees, including warehouse staff and
sales representatives. RLM focuses on international publishing, art
publishing, science publishing, textbook publishing, digital
publishing through its Arts Online product and creative design.
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END
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