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Chinese entrepreneur buys UK TV station

(China Daily/Xinhua)
Updated: 2009-07-27 15:42

Chinese entrepreneur Ye Maoxi hopes his newly acquired British satellite television station will someday provide all-round reports on China to viewers overseas.

Ye, 50, a native of Wenzhou, east China's Zhejiang province, is president of Beijing-based Xiking Group, which engages in advertising, cultural promotions, printing, manufacturing and real estate.

Ye Maoxi

Last month, Ye, who had no previous experience in television or in doing business overseas, bought a British satellite TV station called Propeller.

"It is a new challenge for me and my group to run Propeller because we have long been concentrating on businesses other than media inside China," Ye said in a telephone interview from Britain on July 14 with Xinhua News Agency.

Ye did not disclose the financial terms for buying the British satellite TV station.

Ye first learned of Propeller when he visited the UK as part of a Chinese business delegation that included Premier Wen Jiabao in February.

Ye learned that Propeller wanted to attract strategic investments because of the ongoing global financial crisis.

Ye said that before he concluded the deal, he turned to the expertise of fellow Wenzhou resident Wang Weisheng.

Wang bought a state-owned television station in the United Arab Emirates three years ago and re-launched it in August 2006. The station mainly broadcasts business information about China.

Propeller, broadcast from Yorkshire, England, was launched in February 2006 on Sky TV's satellite platform.

Propeller describes itself as the first digital satellite television channel in Europe to screen 100 percent new and original programming.

Propeller is a not-for-profit organization that "reinvests any income it generates back into initiatives that support new talent and is under the scrutiny of the UK Film Council and Skillset", according to the company's website.

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Ye said his group took over Propeller on July 1.

"Many things need to be done in the future, and it is necessary to find good strategic cooperation partners," Ye said.

"I believe there is a room for making strong profits if the business is managed well," he said.

Ye said the parent company will finance formation of a special professional production unit, which will be responsible for producing TV programs showcasing China.

Ma Hongxia, assistant to the general manager of Xiking Group, said Ye will retain Propeller's TV production team and keep the original style and features of most of its programs.

"Specific programs will be made bilingual - English and Chinese - to introduce China to people in Western countries," Ma said.

Ma said he hopes Propeller will serve as a bridge between China and the Western world to promote better understanding.

Yu Guoming, deputy head of the School of Journalism at Renmin University, said Ye's move adds a welcome new platform for promoting Chinese companies and their products to other markets.

"I don't think it is a good idea to make such an investment with the idea of using it as a channel to export our culture or concept of values," added Yu.