Chinese firm tries to buy Newsweek | world | Hindustan Times
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Chinese firm tries to buy Newsweek

world Updated: Jun 18, 2010 23:45 IST
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A Chinese firm made a bid to buy the influential US magazine Newsweek but lost the race on suspicion of being a front for Chinese government.

Newsweek, almost a household name world over, has been put on sale by its owners who run US daily Washington Post.

About 70 bidders are interested in acquiring the current affairs weekly. Newsweek has been engaged in a fierce decades-long rivalry with Time magazine, and lost over $28 million last year as its advertising revenue dropped 37 per cent.

The failed Chinese bid was led by the Guangzhou-based influential Southern Weekly whose managing editor Xiang Xi, 38, denied any official backing for his efforts to acquire overseas the American journal.

“The offer to Newsweek is a volunteer action of Chinese media professionals and investors,” said Xiang Xi who was granted an exclusive interview with President Barack Obama during his visit to Beijing last November. But unfazed by the failure, the Chinese media magnate said his company was “seeking to round up investors to bid on other media abroad.”