Companies

Private TV channel wins venture capital funds

By Chen Limin (China Daily)
Updated: 2010-07-10 09:12

BEIJING - Blue Ocean Network (BON TV), China's first private English-language television channel targeting overseas audiences, aims to increase its international presence after receiving venture capital funding.

BON TV, which was founded in 2006 and started broadcasting last September, received funding from CDH Venture Partners. BON TV declined to disclose the specific figure but said that it was over $10 million.

The TV network, which now covers North America and Asia via two satellites and major US cities via cable, aims to enter Europe, Africa, and South America in the next few years.

"All-round and objective reports on China are highly inadequate, we are here to help people know more about China," said Gu Yifan, chairman of the Blue Ocean Network Ltd.

His remarks come as China steps up efforts to let its media gain a bigger international influence.

On July 1, Xinhua News Agency launched its 24-hour English-language TV service, CNC (China Xinhua News Network Corporation) World. China Central Television, the biggest TV broadcaster in China, has also been increasing its overseas footprint, and was available in 140 countries and regions by June.

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Private media like BON TV play a different role from official TV services or Western media, said Zhuge Hongyun, the company's chief executive officer and a former TV producer.

"As a private medium, we don't represent the official viewpoint, nor do we act like Western media which, most of the time, just focuses on some controversial issues in China," she said.

Zhuge said BON TV speaks from the perspective of ordinary people and reports events as they are, and the TV network has total editorial control over its programming.

BON TV's revenue mainly comes from advertising. The company aims to break even in two years' time and seek a public listing in the US in five years.

"In terms of going global, private media will complement the State-run media, and the country should encourage more private media to do that," said Yu Guoming, vice-dean of the Journalism School at Renmin University of China.

BON TV has over 100 employees, and all of its directors, hosts and writers are native speakers of English.