Asian Union founder Dong exits
Producer, distribution quits company
Telco giant China Netcom's former CEO Edward Tian Suning becomes Asian Union chairman while Travel Channel prexy Wang Hong has been appointed CEO. Also joining the board is Li Ruigang, prexy of the China's No. 2 media operator, Shanghai Media Group.
CBC has paid HK$423 million ($54 million) for a 23% stake in the company, amassed through purchases of shares, warrants and convertible bonds.
Listed on the Hong Kong Stock Exchange, Asian Union turned its first profits -- $34 million -- in 2006. Its main business is a jointly owned mainland China travel channel, stakes in advertising agencies and TV drama producers.
CBC, which invests in outfits that expand usage of Broadband Internet, sees the company as a provider of content for IPTV and multimedia distributors.
