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Tuesday, July 08, 2008
Bertelsmann Slashes More Book Clubs
As rumored a few weeks ago, Bertelsmann announced on July 3th that it will be immediately closing its 1.5-million-member strong Chinese book club business. The Interfax-China article states that the Chinese operations had "huge losses," but that Bertlesmann will be spending $100 million on new initiatives in China, which are expected to include "media services and magazine publication."
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