CNBC Asia-Pacific has entered into a strategic partnership with Shanghai Media Group (SMG) under which the two companies will exchange content and split advertising revenue from shared programming.
The deal, pending regulatory approval, could give CNBC a back door into China's coveted domestic media market, which remains technically off-limits to foreign investors.
CNBC will broadcast China business news segments provided by SMG on its global networks.
In return, SMG will receive a special edition of CNBC's Managing Asia programme, featuring interviews with regional business leaders, which will be customised for the Chinese market.
'The partnership has received approval from China's State Administration of Radio, Film and Television [SARFT] and is strongly supported by the relevant Shanghai governmental departments,' CNBC said yesterday.
However, the broadcaster later retracted that claim. It called reporters to say that while SMG programming could be broadcast on CNBC networks as soon as next week, SMG had still not received formal approval to air CNBC's Managing Asia.