Tue, Nov 09, 2010 - Page 10 News List

Former News Corp president to launch media group to help startups in Asia

AFP, HONG KONG

The former president of Rupert Murdoch’s News Corp said yesterday that he would set up a new media group aimed at helping startup companies across Asia.

Peter Chernin said the Hong Kong-based venture, called CA Media, would launch media, entertainment and technology businesses to make the most of the “tremendous opportunity” the region represents.

Chernin stepped down in June last year as president of News Corp, which owns Star TV and Dow Jones & Co, publisher of the Wall Street Journal.

“We see tremendous opportunity across Asia, but particularly in India, China, and Indonesia,” he said in a statement through his US-based Chernin Group.

IDEAL BLEND

“These markets provide the ideal blend of economic, demographic, and industrial dynamism required to build a pan-Asian media organisation of significant scale. In Asia, there is less distinction between ‘traditional media’ and ‘new media,’” he said.

The Hong Kong-based company will build a variety of media businesses, including television channels, sports, digital media and film production, the statement said.

“Many of these areas in Asia are so underdeveloped in terms of media, in some cases 10 years behind the US, and in others 20 years, and that presents a real opportunity,” Chernin told the Journal in comments published yesterday.

CA Media will likely open offices in China, India and Indonesia, the statement said, adding that US private equity firm Bain Capital’s Brookside affiliate is among the investors in Chernin’s venture.

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