Massive loan to boost Chinese media

Industrial and Commercial Bank of China (ICBC) has agreed to grant a massive credit line to Shanghai Media Group (SMG) to help it better integrate traditional and new media.

ICBC, the world's largest bank by market capitalization, and SMG have reached agreement for credit of 20 billion yuan ($3.2 billion), the bank announced on Friday.

The deal is expected to build SMG into the most innovative and influential multimedia and cultural group in China, according to the bank.

SMG has two listed companies on the Shanghai Stock Exchange and is expected to become the first listed media company worth 100 billion yuan as it introduces more assets including films and home shopping.

It currently operates 11 radio stations, 15 television channels, 15 digital pay TV channels, and nine newspapers and magazines, reaching an audience of about a billion, according to its website.