Bloomsbury is entering China’s domestic market in a joint venture with state-owned China Youth Publishing Group (CYPG) and its subsidiary Roaring Lion Media (RLM).
The venture, based in Beijing, will publish its own titles originating from the country alongside titles licensed from Bloomsbury and other global publishers in the Chinese language.
Bloomsbury owns 50% of the joint venture with CYPG holding 30%, and RLM the remaining 20%.
Vafa Payman, m.d. of Bloomsbury China, will run the business on behalf of Bloomsbury, which said its investment was “de minimis”.
Bloomsbury founder and chief executive Nigel Newton said: “Today’s announcement marks an important moment in Bloomsbury’s international expansion. This joint venture provides a unique opportunity to work with two companies which are highly complementary to our business.
“As one of the original four publishing companies founded following the creation of the People’s Republic of China, CYPG’s reputation, history and reach within the country makes it an excellent partner for our business. In addition, RLM’s market and operations expertise will help the joint venture grow quickly.”
Bloomsbury said the move would make it one of a very small number of Western publishers with joint ventures in the Chinese mainland domestic market – a key area for trade and academic publishing.
The company already has a presence in the region, with sales of English language titles in China and revenue from licensing of IP rights for Chinese translations “growing significantly” over the past five years, it said.
CYPG and its subsidiaries publish magazines, classic Chinese literature and trade fiction, as well as social sciences, literature and arts titles. RLM, founded in 2007, focuses on international, art, science and textbook titles, with digital publishing through its Arts Online product.
Pi Jun, president of CYPG and RLM, said: “China Youth Press and Bloomsbury Publishing Plc both have complementary advantages in many aspects, with excellent publishing resources, channel resources and brand influence. The strong alliance between the two companies will provide domestic and foreign readers with better reading experience, develop more business opportunities, and create a successful example of Sino-British publishing exchange and cooperation.”