Deals
BesTV, Shanghai Oriental Surge on Media Merger: Shanghai Mover
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BesTV New Media Co. and Shanghai Oriental Pearl Group surged in Shanghai after announcing they would merge in the latest sign the city government is pushing ahead with reforms of state-owned enterprises involved in media.
BesTV, a Chinese partner of Microsoft Corp. that’s acquiring Shanghai Oriental Pearl, jumped 9.9 percent at the close. Shanghai Oriental Pearl, which operates a television tower in the city’s financial district, gained 9.4 percent. Both companies are units of Shanghai Media Group, which operates the city’s main TV stations. Their shares had been suspended since May 28. The Shanghai Composite Index added 1.9 percent.