Shanghai Media Group (SMG)
Shanghai Media Group (SMG), founded in 2001 through the consolidation of the People’s Radio Station of Shanghai, East Radio Shanghai, Shanghai City Television, and Oriental Television, stands as one of China’s largest state-owned media and cultural conglomerates. With an exceptionally broad portfolio, SMG operates across multiple industries, including radio and television networks, print media, drama and film production and distribution, streaming services, e-commerce, tourism, and other cultural investments.
SMG’s financial arm, Yicai Media Group, encompassing Yicai TV, publications such as China Business News and CBN Weekly, and broader financial-media operations, received a minority investment from Alibaba in 2015 (approximately 30% for around 1.2 billion yuan).
Media assets
Television: Dragon Television, Shanghai Television, China Business Network, Great Sports, Docu TV, International Channel Shanghai, Oriental CJ, Haha Toonmax
Radio: Shanghai News Radio, Shanghai Jiaotong Guangbo, Dong Guang Xinwen Tai, Dong Fang Dushi Guangbo, Popular Music, Love Music, Classical 94.7, Story Channel, Marine Channel, Sports Channel, Western Pop Music
Conglomerate: Yicai Media Group (Television: Yicai TV; Publishing: China Business News, CBN Weekly)
State Media Matrix Typology
Captured Public/State-Owned or Managed (CaPu)
Ownership and governance
Officially, SMG is wholly owned by the Shanghai municipal government and is registered as a state-owned limited liability company. Fang Shizhong is the President (Director-General) of SMG.
Source of funding and budget
As per information available through March 2024, SMG derives roughly 85% of its revenue from advertising and commercial operations. In the first half of 2023, it reported a 15% year-on-year increase in income, reaching CNY 5.322 bn (approximately USD 729 m).
Editorial independence
Despite functioning with a commercial outlook, SMG’s editorial content remains under tight state oversight. Its programming must comply with directives from Chinese propaganda authorities and obtain approval from the General Administration of Press and Publication. No independent regulatory framework exists to validate the outlet’s editorial independence.
July 2025