2017/01/22

Strength of Chinese Capital: IDG acquired by China Oceanwide Holding company

China Oceanwide Holdings Group and China-based IDG Capital have agreed to acquire International Data Group which was regarded as tech journalism pioneer. When transaction finished, China Oceanwide will become the controlling shareholder of IDG's operating businesses, including IDC and IDG Communications.

China Oceanwide is a privately held, multi-billion dollar international conglomerate founded by Chairman Zhiqiang Lu. Headquartered in Beijing, China Oceanwide's well-established and diversified businesses include operations in financial services, real estate assets, media, technology and strategic investment, it has more than 12,000 employees globally.

IDG, china oceanwide
image credit: internet

In 1980, IDG became the first U.S. publisher to enter the China market, with the launch of China Computerworld, a China-U.S. joint venture. Today IDG China has more than 60 joint-venture magazines, newspapers and web sites for the computer, electronics, telecommunications, fashion and consumer industries.

IDG is a "natural extension" of China Oceanwide's international portfolio, Lu said in a press release. "As a world leader in market research and insights, a publisher of many of the tech industry's most established media brands, and a successful venture investor, IDG's strong global brand and profile make for an attractive strategic investment for us."

    


The sale will continue McGovern's vision of IDG, said Hugo Shong, founding general partner of IDG Capital and chairman of IDG Greater China.

"IDG's culture is at the core of its success, and its strength has always been rooted in the talent and dedication of its people," he said in a press release. "Our focus going forward will be on investing in the company and its people for growth over the long term, as we carry the flag for Pat's legacy for many years to come."

IDG will continue to be headquartered in Boston, Massachusetts, and managed by its current team. Kirk Campbell will continue as president and CEO of IDC, and Michael Friedenberg will continue as CEO of IDG Communications.

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