Sony Pictures Entertainment was reported set to announce it had secured the go-ahead from the State Administration of Radio, Film and Television (SARFT) and the Ministry of Commerce to begin China's first fully licensed Sino-foreign TV production joint venture with China Film Group. Under new rules announced earlier this week foreign investors can own up to 49% of JV production companies, the South China Morning Post reported. Viacom and the Shanghai Media Group recently announced a joint children's TV venture, but that project was awaiting changes in media laws. News Corp has also been looking at China TV co-ventures.