{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Viacom first foreign firm to invest in advertising joint venture' data-url='/boclips/videos/5c54c3b7d8eafeecae163595' data-video-url='/boclips/videos/5c54c3b7d8eafeecae163595' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nViacom first foreign firm to invest in advertising joint venture\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Viacom chairman and CEO Sumner Redstone standing at podium2. Reporters3. Television cameraman4. Redstone standing at podium5. SOUNDBITE: (English) Sumner Redstone, Viacom CEO and chairman (partly overlaid by shots of photographers): ...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Viacom chairman and CEO Sumner Redstone standing at podium\u003cbr/\u003e2. Reporters\u003cbr/\u003e3. Television cameraman\u003cbr/\u003e4. Redstone standing at podium\u003cbr/\u003e5. SOUNDBITE: (English) Sumner Redstone, Viacom CEO and chairman (partly overlaid by shots of photographers):  \u003cbr/\u003e\"Im not permitted to tell you, under our contract, the amount of our investment (deal between Viacom and Shanghai Media Group). But I will tell you that our stake is huge. It is not a majority, which we are not allowed to have, but we will have a huge stake in this joint venture.\"\u003cbr/\u003e7. Two Viacom officials seated at the head table\u003cbr/\u003e8. SOUNDBITE: (English) Sumner Redstone, Viacom CEO and chairman:\u003cbr/\u003e\"I think all of them have real financial implications for us. In connection with Nickelodeon on CCTV  we are being paid programming fees. In connection with our deal with Shanghai media we have a large equity investment, a large part of the joint venture. We will be selling advertising to Chinese advertisers and international advertisers.\"\u003cbr/\u003e9. Wide of press room\u003cbr/\u003e10. Poster with image of rock star Karen Mok Man-Wai\u003cbr/\u003e11. Redstone walking out of room \u003cbr/\u003e12. Pan from reporter asking question to Redstone \u003cbr/\u003e13. SOUNDBITE: (English) Sumner Redstone, Viacom CEO and chairman:\u003cbr/\u003e\"Right now, right now, were in 51 hotels in the United States. We will soon be in over 80 hotels in the United States because we are working assiduously because we understand we got to make this a good deal for China, or it wont work for us. And that number will grow exponentially as the time goes on. We have our people working relentlessly to expand that distribution.\"\u003cbr/\u003e14. CBS News reporter Barry Peterson\u003cbr/\u003e15. SOUNDBITE: (English) Sumner Redstone, Viacom CEO and chairman:\u003cbr/\u003e\"Nobody has promised us anything but we have not been shy in expressing our desire to increase the distribution in Guangdong to every house - we now have seven million - to every household in Guangdong. We have been very clear that thats our ambition and we have been very clear that our ultimate goal is not just to have a 24 hour China channel in Guangdong but to have one in Beijing and to have one in Shanghai and basically throughout China.\"\u003cbr/\u003e16. Pull out of Redstone standing up at end of presser\u003cbr/\u003eUS media company Viacom on Tuesday announced an agreement to set up a joint venture with Shanghai Media Group to co-produce childrens and youth programming for the television market in the eastern coastal city of Shanghai. \u003cbr/\u003eSumner Redstone, Viacom chairman and chief executive, said the joint venture would also sell advertising both locally and overseas to be aired during broadcast of programming produced for the Shanghai TV network. \u003cbr/\u003eRedstone said he wasnt able to provide details about the share in ownership between Viacom and Shanghai Media Group, but added that Viacom was barred from majority ownership due to Chinas media investment laws. \u003cbr/\u003eHowever, Viacom would have \"a huge stake\" in the joint venture, Redstone told a news conference in Beijing. \u003cbr/\u003eHe said Viacom was the first foreign company to invest in a co-production and advertising joint venture since China relaxed its foreign investment rules. \u003cbr/\u003eThose laws still prevent foreign investors from taking majority control in a Chinese joint venture. \u003cbr/\u003eRedstone also declined to discuss the arrangements for sharing advertising revenue raised through the joint venture. \u003cbr/\u003eBut he added he was optimistic about the future for advertising revenue growth, pointing out Viacoms revenue from advertising in China rose 23 percent in 2003, although he wouldnt elaborate further on that income. \u003cbr/\u003eRedstone also announced agreements with China Central Television (CCTV), the countrys state-run broadcaster, to produce a Chinese version of Viacoms Kids Choice Awards, and a partnership to produce educational content about HIV-AIDS. \u003cbr/\u003eHe said two animated shows produced for Viacoms Nickelodeon channel, Cat Dog and Wild Thornberrys, had also recently begun broadcasting on CCTVs childrens channel. \u003cbr/\u003eViacom has also signed an agreement for a strategic partnership with Tsinghua Tongfang, a technology company backed by Beijings Tsinghua University. \u003cbr/\u003eRedstone said under the agreement, Tongfang would promote its personal computer brands either through advertising or sponsorship on Viacoms MTV China, a channel currently broadcasting in Guangdong provinces and some  approved hotels. \u003cbr/\u003eHe also said that CCTV-9, Chinas English language channel which is marketed overseas by Viacom, is now being distributed to 51 hotels in the US, adding that he expected that market reach to continue to expand. \u003cbr/\u003eRedstone said Viacoms ambitious plans for expansion in the China market included a goal for 24 hour television channels in Guangdong, Shanghai and Beijing.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci 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