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...global media business, like politics, makes for strange bedfellows. Nowadays, News Corp. and CCTV International are partners of sorts, bound by their mutual desire to reach more viewers. Three years ago, Beijing opened its heavily restricted TV market a crack and granted News Corp. permission to offer its new Chinese-language network, Starry Sky, over cable in the southern province of Guangdong. News Corp. reciprocated by agreeing to air CCTV International on its Fox cable channels in America and later on its newly acquired satellite network, DirecTV. (Beijing struck a similar deal with Time Warner, owner of TIME, which still...
...better. As a part-time adviser to CCTV International's 24-hour English-language news channel, the independent producer is the first foreigner charged with putting an internationally friendly face on the mainland's propaganda machine. As if that weren't odd enough, his salary is paid by News Corp.-the global media conglomerate whose U.S.-based news channel, Fox News, is widely perceived as unabashedly pro-American and whose chairman, Rupert Murdoch, once infuriated China's leaders by stating that satellite-TV systems posed a threat to "totalitarian regimes everywhere...
...media outlet wishing to operate in China must compromise, as News Corp. officials know. In 1993, the company removed the BBC from its Chinese-language Star satellite network-which at the time had government permission to be shown in hotels and foreign compounds-after the British news service irritated Beijing with a series critical of Chairman Mao Zedong. But with 340 million TV households, China is a plummy market awaiting those who gain the government's favor. Last year, advertising reached $2.7 billion, up 11% over the year before. And Beijing is showing signs of loosening up. Earlier this year...
...DIED. ENRIQUE ZOBEL, 77, Filipino industrialist who, as president of Ayala Corp., helped transform a swampy outskirt of Manila into the city's financial district; in Muntinlupa, Philippines. A scion of the wealthy Zobel de Ayala family, Enzo, as he was known by his countrymen, had a reputation as a high-flying but hard-working tycoon who later became a generous philanthropist, particularly after a polo accident in 1991 left him paralyzed from the neck down. Recalled fellow Manila businessman Guillermo Luz: "He was proud to be the working rich...
Days later, India?s Hiranandani Corp. Worldwide announced a refinancing deal and declared Nauru ?saved from bankruptcy.? But PPB?s Stephen Parbery says the deal, like others before it, is a mirage; the assets will eventually be sold. ?There?s no magic wand,? he says. ?Talk of refinancing flies in the face of economic reality.? A government spokeswoman says talks with HCW ?and several others? are continuing...