Can the Shanghai Media Group beat CNN?

The Shanghai Media Group (SMG) is planning to set up a 24-hours English news station to compete on a global market, reports Reuters. Since its major competitor CCTV has one in Beijing, Shanghai needs one too.
Could the Shanghai Media Group (or any other state-owned broadcasting station in China) compete on a global market. I'm not the most reliable expert in this field, since I have given up watching the boring nonsense on Chinese TV years ago.
But the Reuters dispatch offers a glimpse of what it needs to set up a new news station in China. The Shanghai Media Group has already been talking for a year to the local regulators. And what is next? Talking to the regulators in Beijing.

Although it has yet to receive final regulatory approval, Shanghai Media has already begun hiring English-speaking presenters, editors and reporters, including foreigners, for the new service, the sources said.

We will see. Or not, of course, since there are many more things to do than watching TV.