XFMedia acquires Beijing Mobile Interactive

Chinese diversified financial and entertainment media company Xinhua Finance Media announced its acquisition of mobile service provider Beijing Mobile Interactive. Upon close of the transaction, expected to finalize on or prior to June 15, XFMedia will pay approximately U.S. $10 million in cash. According to XFMedia, the acquisition is intended to enable integration of mobile services with its existing media assets in an effort to market new interactive products and services. In addition to messaging, gaming and ringback distribution deals with operators China Mobile, China Unicom, China Netcom and China Telecom, Beijing Mobile Interactive boasts handset partnerships with manufacturers including Sony Ericsson and Bird.

"XFMedia intends to integrate M-in's MVAS platform and mobile interactive capabilities with our existing media assets such as our high-quality business, entertainment, education and drama shows, allowing viewers to interact with the shows through text messaging," said Xinhua Finance Media CEO Fredy Bush in a prepared statement. "XFMedia also plans to use M-in's capabilities to offer mobile interactivity with its radio and print divisions. New revenue sources are expected to be created through marketing Q&A campaigns, and voting and commentary services for TV programs such as 'Fortune China' via text messaging, or by providing access to our instant financial news updates via WAP or IVR services."

For more on the acquisition:
- read this release