As the third part of this series, here is a television news report from the program Biz Asia America, described as "a daily global business news program aims to combine reporting of economic and financial issues in North and South America with those from China and the Asian region" that is shown on CCTV, which stands for China Central Television. This report was broadcast back in early August, and uploaded to YouTube soon after on August 9th.
The piece is about IBT Media buying Newsweek, which once upon a time was Time magazine's main competition in the popular weekly news magazine market. Here's the write-up from YouTube:
CCTV America correspondent Nick Harper reports: IBT buys the Newsweek and re-tool the print media to make money online. IBT person talks about the two companies will complement each other.
My quote is a very short one that comes close to the end of the segment, at 2 minutes, 45 seconds in, in case you just want to fast forward. But here is the report in its entirety:
I'll just add to this that the sales of Newsweek, The Washington Post, and The Boston Globe are just the tip of the iceberg, in my opinion. We'll be seeing more of this sort of consumption of print media as publishing becomes a mostly electronic endeavor, with print reserved for special occasions.
As for IBT, in this moment it stands for I BiT Newsweek, and they may not have bit off more than they can chew, but it may have given the digital news company a bit of indigestion later, or maybe they just got hungry again an hour or so later...