Hachette Livre and Phoenix Publishing & Media Group to engage in a joint venture in China
Frankfurt, October the 15th 2009
Hachette Livre has concluded an agreement with Phoenix publishing & Media Group (PPMG), one of the leading Chinese publishers, with a view to establishing a joint venture in China.
The joint venture, whose name will be Hachette Phoenix Cultural Development, will participate in publishing trade books in China. It will also endeavour to facilitate the export of Chinese titles already published in China.
The equity of the company will be split as follows : PPMG 50%, Yilin (a subsidiary of PPMG) 1%, Hachette Livre 49%.
In 2008, the Chinese book market generated sales of € 7.5 billion, and posted very strong growth. 275,000 titles were published and 6.9 billion books printed in the country.
In April 2009, the Chinese government expressed its intention to open up its publishing industry to competition and private investors.
Arnaud Nourry, Chairman and Chief Executive Officer of Hachette Livre, and Tan Yue, Chairman of PPMG, have expressed their satisfaction with a partnership that brings together, on one hand, Hachette Livre’s expertise in developing editorial content, book packaging and marketing, and its vast backlist of books, and, on the other hand, PPMG’s intimate knowledge of Chinese book market and distribution logistics and facilities, as well as its manufacturing expertise.
Press contact Hachette Livre :
Myriam Simonneaux - firstname.lastname@example.org - 33 6 29 79 60 07
About Phoenix Publishing & Media Group :
Phoenix Publishing &Media Group (PPMG) is one of the most influential large-scale Chinese publishing and media groups. The group is engaged in publishing, printing and distribution of books, periodicals, newspapers, electronic and audiovisual products as well as printing material supplying and copyright trade. It has achieved a total sales income of more than € 1 billion by the end of 2008.
Affiliated to the group are 8 publishing houses, one audiovisual publishing house, one printing plant and one publishing and printing materials corporation. Besides 24 journals and newspapers, the books and audiovisual publications produced by the Group exceed 8000 titles per year. Its child company, Jiangsu Xinhua Distribution Group, with its 82 affiliated Xinhua bookstores, foreign language bookstores and bookstores located in various cities and counties, has a sales network with nearly 1701 agencies.
About Yilin Press :
Yilin Press, a PPMG subsidiary, has been committing itself to building a strong list of quality books, especially in foreign literature and social sciences. Yilin Press has also established its brand name in English textbooks for primary school students, middle school students, and college students.
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