Chinese News Outlet The Paper Bags USD59 Million From Culture Fund in Latest Fundraiser
Summary
(Yicai Global) Aug. 8 -- The Paper has secured CNY400 million (USD59 million) from culture-related investment fund Shanghai Cultural Industry Development Investment Fund Management in its latest financing round, the Chinese online news outlet said today.The cultural industry fund manager is now the second-biggest stakeholder in the news outlets operator Shanghai Dongfang Newspaper, The Paper said, although it did not mention the amount of equity held. Shanghai United Media Group, which had a 82 percent stake before this round, remains the majority shareholder.The funds from the B-series will be used to accelerate The Papers positioning as a global Internet-based new-type media, it said. Rumor has it that it will add new content, such as a Chinese and English-language version of its Fact Paper, as well as start a technology-related channel, an ecological lab and many other projects.The launch of The Paper in July 2014 marked the transition of Chinese traditional media to mobile and Internet-based media.Shanghai Cultural Industry Development is a large culture-related investment fund set up by the Shanghai government, the government of Pudong New Area and Shanghai Industrial Investment Holdings with a scale of CNY12 billion (USD1.8 billion).