SinoMedia Holdings Ltd. (00623.HK) is looking to acquire an internet media business for at least 100 million yuan (US$16.34 million) this year, top management said.
“We would like to expand our business in internet media and content operations. We are looking to have a vertical integration with an internet media business in the lifestyle area,” chairman Chen Xin told a media briefing Thursday.
Revenue from SinoMedia’s internet media and content operations reached 49.1 million yuan last year, representing about 2.7 percent of its total income. The segment is expected to expand faster than the overall industry, which grew about 30 percent last year, Chen said.
Last year, SinoMedia acquired two websites — travel information provider Lotour.com and an online streaming video platform — which, together with its own modern agricultural information website Wugu.com, had more than 20 million user visits every month, according to a company statement. Total page visits reached more than 80 million.
On the content side, the company plans to air two more seasons of the television program “Scent of a Man” this year after its launch in 2013.
– Contact HKEJ at [email protected]