Shanghai-based digital news outlet The Paper has raised 610 million yuan (.7 million) from six institutional investors to help it grow further, while Shanghai United Media Group continues to be its controlling shareholder.
Shanghai Dongfang Newspaper Co, the business entity that operates The Paper website thepaper.cn, has received capital injection from the six state-owned enterprises — Shanghai Jiushi Investment Management Co, Shanghai Jinwin Investment Co, Shanghai East Best & Lansheng International (Group) Co, INSEA (Group) Co, Bailian Group and Jin Jiang International (Holdings) Co.
The Paper will tap these strategic investors to help it enhance its corporate governance to expedite its development into a competitive Internet company. It aims to have more than 10 million active daily users.
The Paper's video streaming program was also unveiled yesterday.
Shanghai United Media Group is also the publisher of Shanghai Daily.