China Oceanwide, IDG Capital agree to acquire IDG

IDG publications, analyst firm IDC and venture capital firm IDG Ventures are included in the deal

China Oceanwide Holdings Group and China-based IDG Capital have agreed to acquire tech journalism pioneer International Data Group, publisher of PCWorld, Computerworld, and hundreds of other tech publications worldwide.

Tech analyst firm IDC and venture capital firm IDG Ventures are included in the deal, announced Thursday. The size of the deal was not officially released, although a Wall Street Journal story put the price at less than US $1 billion.

IDG, a privately held company, operates in 97 countries. It was founded in 1964 by Patrick McGovern, who died in March 2014. Since then, the company has been run by a board of directors, which has been seeking a buyer for about a year.

IDG brands also include CIO, Macworld, InfoWorld, CSO, Network World, CMO and IDG.tv. IDG is also the parent company of the IDG News Service.

China Oceanwide is a privately held international conglomerate founded by Chairman Zhiqiang Lu in 1985. The company operates businesses in the financial services, real estate assets, media, technology, and strategic investment markets, and it has more than 12,000 employees globally.

The company purchased a stake in Lenovo's parent company, Legend Holdings, in 2009. It has continued to expand globally and in October last year, it agreed to buy U.S.-based insurance firm Genworth Financial for for $2.7 billion in cash.

China Oceanwide sees media as a new area for investments, according to its web site. 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."

IDG Capital is an independently operated investment management partnership, with IDG as one of many limited partners. It was formed in 1993 as China’s first technology venture investment firm.

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."

The deal, expected to close in the first quarter of this year, has received approval from the Committee on Foreign Investment in the United States (CFIUS), a U.S. government body, the companies said.

When the deal closes, China Oceanwide will become the controlling shareholder of IDG's operating businesses, including IDC and IDG Communications, while IDG Capital will become the controlling shareholder of the IDG venture business.

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. A new board of directors will be appointed.

Join the CMO newsletter!

Error: Please check your email address.
Show Comments

Supporting Association

Blog Posts

Is your content marketing missing the mark?

Does it ever seem like the content you create falls flat on its face or that the leads you’re generating aren’t worth following up?

Dan Ratner

managing director, uberbrand

​ Creating a purpose-driven brand

So you want to be a brand with purpose. But what does it actually mean to build a brand with real meaning?

Paul Chappell

Partner and managing director, Brand + Story

Customer experience crisis: Proactively mitigating the risk of broken promises

Last Friday, three weeks after United Airline’s spectacular customer experience disaster, customers received a letter from the company’s CEO, Oscar Munoz.

Very rarely have I come across views so true. There are so many gems in this article, reflective of reality, onec can read it again and a...

Shyam Mishra

ANZ digital chief: Tackle the ‘frozen middle’ of your organisation or face irrelevancy

Read more

STOP STEALING BUISNESS CLASS TOILETS from A380, new 787's and A330's!!!!Thats what you call customer experience ONE toilet for all Busine...

Joe

Qantas CMO: What it's taking to evolve our customer experience

Read more

Dare i suggest that a "CEO" role in a peak industry body like Think Brink is not really much of a leap from CMO because it is also a mark...

Sventana

CMO to CEO: Think Brick chief reveals what it takes to make the jump

Read more

Grate post, thanks for the post.No matter what your business is, if you do no not rank among the top most search results of Google, Yahoo...

Rahul

Image intelligence:10 must-see infographics for marketers

Read more

Thank you Shane Blandford for carrying my Smarketing vision into KM !

Peter Strohkorb

​CMO Interview: Why aligning sales and marketing drives innovation at Konica Minolta

Read more

Latest Podcast

More podcasts

Sign in