Despite its continued legal challenges in the United States, Xinhua Finance Media is pressing ahead with business development and has announced the acquisition of Beijing Mobile Interactive Co., Ltd (“M-in”) for $10 million.

The company says that “this acquisition is intended to enable XFMedia to rapidly integrate mobile service capabilities with its existing range of popular media assets and market a variety of new interactive products and services to more than 487 million mobile phone users in China”.

XFMedia, CEO Fredy Bush is quoted as saying, “M-in is an innovator in China’s MVAS market, and our acquisition of it is the first step in our plan to expand XFMedia’s distribution into new media. 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.” Source: Xinhua Finance Press Release / Business Strategies Group, Hong Kong

BIIA Newsletter June – 2007 Issue