Majority of Shanghai Media Group Restructured into Corporate Entity

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The Shanghai Media Group has completed its restructuring, emerging as a new company called Shanghai Radio & TV Station, city officials said on Wednesday.

In a statement, the Shanghai Municipal Administration of Culture, Radio, Film and TV said that SMG's parent, Shanghai Media & Entertainment Group, has also been placed under the control of Shanghai Oriental Media (Group) Co. Ltd.

The statement said the group was the first to emerge from a restructuring currently underway in the media industry, which will require companies to be more financially independent and change the way the industry produces and distributes content.

Shanghai Radio & TV Station will retain broadcasting and news functions while its unit Oriental Group will be responsible for non-political news content production and advertising.

More than 30 percent of the content of Shanghai Radio & TV Station will be purchased from outside sources after the restructuring, according to the statement.

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