Bloomsbury has marked a significant milestone in its international expansion plans after signing a joint venture with the state-owned China Youth Publishing Group (CYPG) and Roaring Lion Media (RLM).
The agreement hands Bloomsbury a valuable foothold in the Chinese market with Bloomsbury publishing local titles and licensing foreign publications via the joint venture.
Under the terms of the deal, Bloomsbury will own a 50% stake in the combined business with CYPG taking 30% and Roaring Lion the remainder.
Nigel Newton, founder and chief executive of Bloomsbury, said: "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."
Pi Jun, president of CYPG and RLM, added: "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 a better reading experience, develop more business opportunities, and create a successful example of Sino-British publishing exchange and cooperation."
Vafa Payman, managing director of Bloomsbury China, will head up the new business which has previously entered into a partnership with Spotify to supply books related to popular music.