Viacom co-venture awaits regulatory changes
22 September 2004
US media giant Viacom's bid to co-produce TV programs with Shanghai Media Group is stalled because regulators have yet to make scheduled amendments in the regulations. One source said the State Administration of Radio, Film and Television is still drafting the new rules and until that is done, the Ministry of Commerce, which must give its blessing to the project, won't proceed. Viacom chairman Sumner Redstone met with Administration Director Xu Guangchun Tuesday to discuss the co-venture. One source said the co-venture was announced prematurely, since regulations allowing it won't be in place until 2005.