China's number two media firm, the Shanghai Media Group, is seeking to expand its business through new ventures with foreign media firms, like Viacom and CNBC.

The media giant will cooperate with such transnational corporations as Viacom and CNBC, as it moves toward an eventual Initial Public Offering.

The state-owned company, which estimates its share of China's total advertising market is at around 10 percent, is moving into the fields of program production and artist management.

Shanghai Media and two of its peers, newspaper publishers Beijing Youth Daily and Guangzhou Daily, are considered by analysts the nation's three most commercial state media firms.

(Editor: Jessie)