Vivendi Universal said it formed a RMB 100 million joint venture with Shanghai Media Group (SMG), China's second largest media firm after CCTV. Programs broadcast by the new JV, SUM Entertainment, could reach as many as 100 million viewers in 200 cities. Universal holds a 49% stake in the venture, which was made possible by recent government approval of regulations allowing foreign investors to take a direct stake in Chinese media companies.
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