UNITED STATES
			SECURITIES AND EXCHANGE COMMISSION
			     Washington, D.C. 20549

				  FORM 10-QSB



(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
		1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2006


( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
				ACT OF 1934
	For the transition period from                    to
		------------------    -------------------

			Commission File Number: 000-50431


			China Media Group Corporation

			----------------------------
	   (Exact name of registrant as specified in its charter)

Texas                               5813                         32-0034926
-----                             --------                       ----------
(State or other          (Primary Standard Industrial        (I.R.S. Employer
jurisdiction             Classification Code Number)        Identification No.)
of incorporation
or organization)

9901 I.H. 10 West, Suite 800, San Antonio, TX                      78230
------------------------------------------------              ----------------
(Address of registrant's principal executive offices)            (Zip Code)

			+011 86 755 6165 7704
			---------------------
	    (Registrant's Telephone Number, Including Area Code)

Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934during the
preceding 12 months (or for such shorterperiod that the issuer was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes   [ X ]         No	[   ]



State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practical date. As of August 9, 2006
there were 345,774,145 no par value common stock of the Company issued
and outstanding.

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act)

Yes   [   ]         No	[ X ]

Transitional Small Business Disclosure Format (check one):

Yes   [   ]         No	[ X ]





<PAGE>






		PART I - CONSOLIDATED FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS


			CHINA MEDIA GROUP CORPORATION
			CONSOLIDATED BALANCE SHEET
				JUNE 30, 2006
				(UNAUDITED)

ASSETS

Current assets:

 Cash and cash equivalents		 		 $   13,789
 Accounts receivables					      5,639
 Prepayments, deposits and other receivables		     57,937
							------------
							     77,365
							------------

Non-current assets:

 Property and equipment					     10,883
 Advance payment for distribution rights	            138,000
							------------
 							    148,883
							------------

     Total assets					  $ 226,248
							============


LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:

 Accrued expenses					 $   50,953
 Short-term debt 					     67,600
 Other payables						     20,475
 Due to related parties				            205,949
							------------

    Total current liabilities				    344,977


Stockholders' deficit:

 Common stock, no par value, 85,000,000,000 shares authorized;
  345,774,145 shares issued and outstanding		    470,170
 Additional paid-in-capital				     80,000
 Accumulated deficit 					  (668,899)
							------------
    Total stockholders' deficit			          (118,729)
							------------

    Total liabilities and stockholders' deficit  	  $ 226,248
							============



The accompanying notes form an integral part of these unaudited
consolidated financial statements.


<table>

<S>	<C>

			CHINA MEDIA GROUP CORPORATION
		     CONSOLDIATED STATEMENTS OF OPERATIONS
	FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2006 AND 2005
				(UNAUDITED)


			Three Month Periods Ended June 30,	Six Month Periods Ended June 30,

				2006		2005			2006		2005
			 -------------	  -------------		--------------   --------------

Net revenue			$8,567 		$- 			$8,567		$-

Cost of revenue			(6,078)		 - 			(6,078)		 -
		 	 -------------	  -------------		--------------   --------------

Gross profit  			2,489         	 -                       2,489           -


Selling, general and
  administrative expenses     185,333	     22,024		       328,911        53,626
			 -------------	  -------------		--------------   --------------

Loss from operations before
  other expense
  and provision for
  income taxes		     (182,844)      (22,024)		     (326,422)       (53,626)



Other expense
  Interest expense	       (1,703)       (1,752)		       (3,963)        (3,147)
			-------------	  -------------		--------------  -------------


Net loss		   $ (184,547)    $ (23,776)		   $ (330,385)     $ (56,773)

			=============	  =============		==============  =============


Weighted average number of shares -
  basic and diluted	  345,774,145     343,940,812		  344,943,574     343,940,812
			=============	  =============		==============  =============


Loss per share
  - basic and diluted	$    (0.00)       $    (0.00)		  $    (0.00)	   $   (0.00)
			=============	  =============		=============  =============




*Basic and diluted weighted average number of shares is the same since the
effect of diluted securities is anti-diluted


The accompanying notes form an integral part of these unaudited
consolidated financial statements.






			CHINA MEDIA GROUP CORPORATION
		   CONSOLIDATED STATEMENTS OF CASH FLOWS
  	FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2006 AND 2005
				(UNAUDITED)


            					For the Six Month Periods Ended June 30,



							   2006			  2005
						-----------------	---------------
Cash flows from operating activities:

 Net loss					$      (330,385)	   $  (56,773)
 Depreciation						    748			   -
						-----------------	---------------
 Adjustments to reconcile net loss to net
  cash used in operating activities:
     Services provided as addition to equity		     -		       14,400


Increase in current assets:
 Prepaid expenses					(57,937)		   -
 Accounts receivables					 (5,639)		   -


Increase in liabilities:
 Accounts payable and accrued expenses			 20,140			6,250
 Other payables						 20,475			   -
 Deposit from customer					     -			5,000
 Due to related parties					137,017			3,147
						-----------------	---------------

	Total adjustments	                        114,804		       28,797
						-----------------	---------------


	Net cash used in operating activities		(215,581)	      (27,976)
						-----------------	---------------


Cash flows from investing activities:
 Purchase of property and equipment			(11,631)		  -
						-----------------	---------------


Net cash used in investing activities			(11,631)		  -
						-----------------	---------------




Cash flows from financing activities:

 Proceeds from issuance of debt				     -		      30,800
 Payment of debt					(16,000)		  -
 Issuance of common stock and warrants			250,000 		  -
						-----------------	---------------


Net cash provided by financing activities		234,000		      30,800
						-----------------	---------------


Net increase in cash and
  cash equivalents					  6,788		       2,824



Cash and cash equivalents, beginning			  7,001		         411
						-----------------	---------------


Cash and cash equivalents, ending		$       13,789 	        $      3,235
						=================	===============



Supplemental disclosure of cash flow information:


  Interest paid 				$        3,700		$         -
						=================	===============

  Income taxes paid               		$           -		$         -
						=================	===============
</table>


Supplemental disclosure of non-cash financing activity:

A former officer of the Company provided office space to the Company
for $1,400 per month, on a month-to-month basis, and received a
salary of $1,000 per month for services performed as the Company's
President. These fees were recorded as a contribution to capital
before June 30, 2005 and as due to related party after June 30, 2005.
For the three month periods ended June 30, 2006 and 2005, and the
period from October 1, 2002 (inception) to June 30, 2006, the Company
recognized office expense of $Nil, $4,200, and $50,400, respectively.

In October 2002, the Company issued 2,833,336 shares (after 5,000 for
1 split and 45 for 1 reverse split) of its common stock in exchange
for services to incorporate the Company, totaling $2,550. The Founder
Shares were valued at the then par value of the Company's common
stock, which represented its fair market value on the date of issuance.

In October 2002, 41,666,698 shares (after 5,000 for 1 split and 45 for
1 reverse split) of common stock were issued in exchange for services
rendered totaling of $56,250, which was the fair market value of the
Company's common stock on the date of issuance.

In March 2006, the Company issued 1,000,000 shares of common stock
as an advance payment for the acquisition of distribution
rights for convergent device.  The 1,000,000 shares of common
stock were valued at $138,000 which was the market value of the
Company's stock on the date of issuance.

The accompanying notes form an integral part of these unaudited
consolidated financial statements.










		CHINA MEDIA GROUP CORPORATION
	NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1  ORGANIZATIONS AND DESCRIPTION OF BUSINESS

China Media Group Corporation, (formerly International Debt Exchange
Associates, Inc.) (the "Company") is a Texas corporation,
incorporated on October 1, 2002. Prior to the three month period
ended June 30, 2006, the Company was a development stage
company. During the three month period ended June 30, 2006, the
Company generated revenue from operations and is no longer a
development stage company.

On September 19, 2005, the Company filed a certificate of amendment
of articles of incorporation to change its name to China
Media Group Corporation.

In February 2006, the Company established Ren Ren Media Group Limited,
a wholly owned subsidiary in Hong Kong and commenced operations in
advertising/media.

The Company is a "Next Generation" advertising/media company
focusing on the Chinese market.


NOTE 2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES & REALIZATION OF ASSETS

Principles of Consolidation

The accompanying consolidated financial statements include the accounts
of the Company and its wholly owned subsidiary, Ren Ren Media Group
Limited. All material inter-company accounts have been eliminated in
consolidation.

Use of estimates

The preparation of consolidated financial statements in conformity
with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

Statement of financial accounting standard No. 107, Disclosures about
fair value of financial instruments, requires that the Company
disclose estimated fair values of financial instruments. Unless
otherwise indicated, the fair values of all reported assets and liabilities,
which represent financial instruments, none of which are held for
trading purposes, approximate are carrying values of such amounts.

Cash and Cash Equivalents

The Company considers all liquid investments with a maturity of
three months or less from the date of purchase that are readily
convertible into cash to be cash equivalents.

Property and Equipment

Property and equipment is stated at cost. Depreciation for property
and equipment is computed using the straight-line method over an
estimated useful life of three years for computer equipment and
five years for non-electronic property.

Intangible Assets

The Company evaluates intangible assets for impairment, at least
on an annual basis and whenever events or changes in circumstances
indicate that the carrying value may not be recoverable from its
estimated future cash flows. Recoverability of intangible assets,
other long-lived assets and, goodwill is measured by comparing
their net book value to the related projected undiscounted cash
flows from these assets, considering a number of factors including
past operating results, budgets, economic projections, market
trends and product development cycles. If the net book value of
the asset exceeds the related undiscounted cash flows, the asset
is considered impaired, and a second test is performed to measure
the amount of impairment loss.

Accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following at June 30, 2006:


Accrued interest					$13,459
Accrued salaries					 25,209
Accrued other						 12,285
						      ---------
Total							$50,953
						      =========


Income taxes

The Company accounts for income taxes under SFAS 109, "Accounting for
Income Taxes."  Under the asset and liability method of SFAS 109,
deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and
their respective tax bases.  Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income
in the years in which those temporary differences are expected to be
recovered or settled.  Under SFAS 109, the effect on deferred tax
assets and liabilities of a change in tax rates is recognized in
income in the period the enactment occurs.  A valuation allowance
is provided for certain deferred tax assets if it is more likely
than not that the Company will not realize tax assets through future
operations.

Stock-based compensation

FASB Statement No.123R, "Share-Based Payment, an Amendment of FASB
Statement No.123" ("FAS No. 123R") requires compensation expense
to be recorded in the statement of operations the grant-date fair
value of stock options and other equity-based compensation issued
to employees.

The Company accounts for stock-based compensation issued to non-employees
and consultants in accordance with the provisions of FAS No. 123R and the
Emerging Issues Task Force consensus in Issue No. 96-18 ("EITF 96-18"),
"Accounting for Equity Instruments that are Issued to Other Than
Employees for Acquiring or in Conjunction with Selling, Goods or Services".
 Valuation of shares for services is based on the estimated fair market
value of the services performed.

Issuance of shares for service

The Company accounts for the issuance of equity instruments to acquire
goods and services based on the fair value of the goods and services or
the fair value of the equity instrument at the time of issuance, whichever
is more reliably measurable.

Revenue Recognition

The Company recognizes its revenue in accordance with the Securities
and Exchange Commissions ("SEC") Staff Accounting Bulletin No. 104,
"Revenue Recognition in Financial Statements" ("SAB 104"). Revenue is
recognized upon shipment, provided that evidence of an arrangement exists,
title and risk of loss have passed to the customer, fees are fixed or
determinable and collection of the related receivable is reasonably
assured. Revenue is recorded net of estimated product returns, which is
based upon the Company's return policy, sales agreements, management
estimates of potential future product returns related to current period
revenue, current economic trends, changes in customer composition and
historical experience.

Foreign Currency Translation

The  accounts of the Company's Hong Kong subsidiary are  maintained
in Hong Kong dollars (HK). Such financial statements are translated
into U.S. Dollars (USD) in accordance with Statement of Financial
Accounts Standards ("SFAS") No. 52, "Foreign Currency Translation,"
with the HK as the functional currency. According to the Statement,
all assets and liabilities were translated at the exchange rate on the
balance sheet date, stockholder's equity are translated at the historical
rates and statement of operations items are translated at the weighted
average exchange rate for the year. The resulting translation adjustments
are reported under other comprehensive income in accordance with SFAS
No. 130, "Reporting Comprehensive Income". As of June 30, 2006 and for
the three month and six month periods ended June 30, 2006, such
differences were immaterial.

Recent Pronouncements

In February 2006, FASB issued SFAS No. 155, "Accounting for Certain
Hybrid Financial Instruments". SFAS No. 155 amends SFAS No 133,
"Accounting for Derivative Instruments and Hedging Activities",
and SFAS No. 140, "Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities".  SFAS No. 155, permits fair
value remeasurement for any hybrid financial instrument that contains
an embedded derivative that otherwise would require bifurcation, clarifies
which interest-only strips and principal-only strips are not subject to
the requirements of SFAS No. 133, establishes a requirement to evaluate
interest in securitized financial assets to identify interests that are
freestanding derivatives or that are hybrid financial instruments that
contain an embedded derivative requiring bifurcation, clarifies that
concentrations of credit risk in the form of subordination are not
embedded derivatives, and amends SFAS No. 140 to eliminate the prohibition
on the qualifying special-purpose entity from holding a derivative
financial instrument that pertains to a beneficial interest other than
another derivative financial instrument.  This statement is effective
for all financial instruments acquired or issued after the beginning
of the Company's first fiscal year that begins after September 15, 2006.
  SFAS No. 155 is not expected to have a material effect on the
consolidated financial position or results of operations of the Company.

In March 2006 FASB issued SFAS 156 'Accounting for Servicing of Financial
Assets' this Statement amends FASB Statement No. 140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities, with respect to the accounting for separately recognized
servicing assets and servicing liabilities. This Statement:

1.	Requires an entity to recognize a servicing asset or servicing
	liability each time it undertakes an obligation to service a
	financial asset by entering into a servicing contract.
2.	Requires all separately recognized servicing assets and servicing
	liabilities to be initially measured at fair value, if practicable.
3.	Permits an entity to choose 'Amortization method' or 'Fair value
	measurement method' for each class of separately recognized
	servicing assets and servicing liabilities.
4.	At its initial adoption, permits a one-time reclassification
	of available-for-sale securities to trading securities by entities
	 with recognized servicing rights, without calling into question
	 the treatment of other available-for-sale securities under
	Statement 115, provided that the available-for-sale securities
	are identified in some manner as offsetting the entity's exposure
	to changes in fair value of servicing assets or servicing
	liabilities that a servicer elects to subsequently measure at
	fair value.
5.	Requires separate presentation of servicing assets and servicing
	liabilities subsequently measured at fair value in the statement
	of financial position and additional disclosures for all
	separately recognized servicing assets and servicing liabilities.

This Statement is effective as of the beginning of the Company's first
fiscal year that begins after September 15, 2006. Management
believes that this statement will not have a significant impact on the
consolidated financial statements.

Reclassifications

Certain comparative amounts have been reclassified to conform with the
current year's presentation.


NOTE 3	UNCERTAINTY OF ABILITY TO CONTINUE AS A GOING CONCERN

The Company's consolidated financial statements are prepared using the
generally accepted accounting principles applicable to a going concern,
which contemplates the realization of assets and liquidation of
liabilities in the normal course of business.  As of June 30, 2006,
the Company has incurred an accumulated deficit totaling $668,899
and its current liabilities exceed its current assets by $267,612.

In view of the matters described above, recoverability of a major
portion of the recorded asset amounts shown in the accompanying balance
sheets is dependent upon continued operations of the Company, which in
turn is dependent upon the Company's ability to raise additional
capital, obtain financing and to succeed in its future operations.
The consolidated financial statements do not include any adjustments
relating to the recoverability and classification of recorded asset
amounts or amounts and classification of liabilities that might be
necessary should the Company be unable to continue as a going concern.

Management has taken the following steps to revise its operating and
financial requirements, which it believes are sufficient to provide
the Company with the ability to continue as a going concern.
The Company is actively pursuing additional funding and potential
merger or acquisition candidates and strategic partners, which would
enhance stockholders' investment. Management believes that the above
actions will allow the Company to continue operations through the next
fiscal year.  However there can be no assurances that sufficient
financing will be available on terms acceptable to the Company or at all.

NOTE 4	STOCKHOLDERS' EQUITY

On February 2, 2005, the Company announced 5,000 for 1 stock split of
the Company's issued and outstanding common stock which effectuated
through a dividend of common stock outstanding as of record date.

In February 2005, the Company also changed the common stock from a
par value per share of $.001 to no par value.

On September 14, 2005, the Company announced a 45 for 1 reverse
stock split of the Company's issued common stock.

In January 2006, the Company issued 1,000,000 shares of common stock
valued at $138,000 as an advance payment for the acquisition of
distribution rights for convergent device. The shares were
valued at the market price on the date of issuance.

In February 2006, the Company sold 833,333 shares of common stock and
1,666,666 warrants for $250,000, each warrant can subscribe 1 common
stock exercisable at $0.30 per share for one year after the earlier of
(i) one year from the date of the initial subscription or (ii) the
date of the completion of the entire stock sold under the Stock
Purchase Agreement. The Company recorded the fair value of the warrants
as additional paid in capital. The fair value of these warrants was
estimated at grant date using a Black-Scholes option pricing model
with the following weighted average assumptions: risk free interest
rate of 4.30%; dividend yield of 0%; expected weighted average option
life of 1 year; and volatility of 130%.

All fractional shares are rounded up and the authorized shares remain
the same. The consolidated financial statements have been retroactively
restated for the effects of the above stock splits.

NOTE 5	DUE TO DIRECTORS

The due to directors are interests free, unsecured and due on demand.
The balance of due to directors is $205,949 as of June 30, 2006.

NOTE 6	RELATED COMPANY TRANSACTIONS

During the three month period ended June 30, 2005, the Company recorded
interest of $1,752 on a note payable due to the former officers of the
Company. During the three month period ended December 31, 2005, the note
payable were transfer to third parties. The interest payable is included
in the accrued expense in the accompanying consolidated financial statements.

During three month period ended June 30, 2005, an officer of the Company
provided office space to the Company at $1,400 per month on a month-to-month
basis, totaling $4,200, of which, $4,200 was recorded as contribution
to capital.

There were no transactions with related parties for the three month and
six month periods ended June 30, 2006.

The Company agreed to pay directors a monthly salary for services performed.
During the three month periods ended June 30, 2006 and 2005, the Company
paid the directors a total remuneration of $54,000 and $3,000, respectively,
of which $nil and $3,000, respectively, was recorded as contribution to
capital. During the six month periods ended June 30, 2006 and 2005, the
Company paid the directors a total remuneration of $108,000 and
$6,000, respectively, of which $nil and $6,000, respectively, was
recorded as contribution to capital.


NOTE 7	STOCK PURCHASE AGREEMENTS

a) On October 12 2005, the Company entered into two non-binding Stock
Purchase Agreements with Central High Limited
("Central High")

1) for the entire issued share capital of Good World Investments
Limited for 50 million new common stock of the Company, subject to
satisfactory completion of legal, financial and operational due diligence.
Good World Investments Limited holds 50% interests in Beijing Ren Ren
Health Culture Promotion Limited; 2) for 50,000,000 shares in Cody
Ventures Corporation ("CVC") representing about 52.1% of the issued share
capital in CVC in exchange for 30 million new common stock of the Company,
subject to satisfactory completion of legal, financial and operational
due diligence.  CVC is quoted on the US Pink Sheets Market under
the symbol CDYV.

Both directors, Messrs Con Unerkov and Alex Ho own 25% each in the
issued share capital of Central High.  The stock purchase transactions have
not been completed as of June 30, 2006.  In July 2006, the agreement to
purchase CVC was terminated.

b) On February 1, 2006, the Company entered into a non-binding Stock
Purchase Agreement with Dongguang Zhishixin Advertising Limited ("Zhishixin")
for the controlling interests in Zhishixin ("Stock Purchase Agreement").
Under the Stock Purchase Agreement the Company will subscribe about
$68,500 (RMB550,000) of registered capital, representing about 52.3%
of the enlarged capital, in Zhishixin.  This Agreement is conditional on
satisfactory completion of the legal, financial and operational due diligence
by the Company. The stock purchase transactions have not been completed
as of June 30, 2006.


NOTE 8     COMMITMENTS AND CONTINGENCIES

The Company has employment agreements with the Chairman and Director
(the "Executives") for two years commencing on October 1, 2005 and the
agreements shall continue thereafter unless terminated by either parties.
The Executives will receive a monthly salary at a rate to be agreed by
the Company and the Executives from time to time. In addition, the Executives
will receive an annual management bonus to be determined by the majority
of the Board based on the operating results of the Company and the Executives'
performances, provided that it does not exceed 8.8 % of the net profit
of the Company.

On or about February 6, 2006, the Company received a correspondence from
the Florida Attorney General's office regarding some complaints on some
transmissions of unsolicited facsimile allegedly from the Company, and advised
of potential civil penalties.  The Company's legal council contacted
the Attorney General office to state that the Company has never sent
or authorized any unsolicited facsimile transmission, and that the Company
has taken every possible effort to distance from these unauthorized
transmissions including adding a "pop up" window on its website.  The
Company has offered its assistance in any investigation to the Attorney
General office.  The Attorney General office has not imposed any penalties
on the Company to date. The Company would vigorously defend any such civic a
ction if pursued.

On January 25, 2006, the Company entered into an agreement with Fleming
Assets Limited ("Fleming") to acquire the distribution rights for the
M.A.G.I.C. Convergent Communications Device for the territory of China
and Hong Kong.  Under the agreement the Company will issue the following shares
to Fleming:
-	Within one month of signing the agreement, one million shares of the
	Company;
-	Within one month of receiving the prototype devices, one million
        shares of the Company;
-	Within one month of receiving the product from commercial production,
        two million shares of the Company; and
-	A royalty payment of 100,000 shares of the Company for every 5,000
        devices sold for the next 3 years.

In March 2006, the Company issued one million shares in accordance with the
agreement and no other shares have been issued to Fleming as at June 30, 2006.


ITEM 2.  	MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL
CONDITION AND RESULTS OF OPERATIONS


FORWARD LOOKING STATEMENTS

THIS FOLLOWING INFORMATION SPECIFIES CERTAIN FORWARD-LOOKING STATEMENTS OF
MANAGEMENT OF THE COMPANY. FORWARD-LOOKING STATEMENTS ARE STATEMENTS THAT
ESTIMATE THE HAPPENING OF FUTURE EVENTS AND ARE NOT BASED ON HISTORICAL
FACT. FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF
FORWARD-LOOKING TERMINOLOGY, SUCH AS "MAY", "SHALL", "COULD", "EXPECT",
 "ESTIMATE", "ANTICIPATE", "PREDICT", "PROBABLE", "POSSIBLE", "SHOULD",
"CONTINUE", OR SIMILAR TERMS, VARIATIONS OF THOSE TERMS OR THE
NEGATIVE OF THOSE TERMS. THE FORWARD-LOOKING STATEMENTS SPECIFIED IN
THE FOLLOWING INFORMATION HAVE BEEN COMPILED BY OUR MANAGEMENT ON THE
BASIS OF ASSUMPTIONS MADE BY MANAGEMENT AND CONSIDERED BY MANAGEMENT
TO BE REASONABLE. OUR FUTURE OPERATING RESULTS, HOWEVER, ARE
IMPOSSIBLE TO PREDICT AND NO REPRESENTATION, GUARANTY, OR WARRANTY
IS TO BE INFERRED FROM THOSE FORWARD-LOOKING STATEMENTS.


THE ASSUMPTIONS USED FOR PURPOSES OF THE FORWARD-LOOKING STATEMENTS
SPECIFIED IN THE FOLLOWING INFORMATION REPRESENT ESTIMATES OF FUTURE
EVENTS AND ARE SUBJECT TO UNCERTAINTY AS TO POSSIBLE CHANGES IN ECONOMIC,
LEGISLATIVE, INDUSTRY, AND OTHER CIRCUMSTANCES. AS A RESULT, THE
IDENTIFICATION AND INTERPRETATION OF DATA AND OTHER INFORMATION AND THEIR
USE IN DEVELOPING AND SELECTING ASSUMPTIONS FROM AND AMONG REASONABLE
ALTERNATIVES REQUIRE THE EXERCISE OF JUDGMENT. TO THE EXTENT THAT
THE ASSUMED EVENTS DO NOT OCCUR, THE OUTCOME MAY VARY SUBSTANTIALLY
FROM ANTICIPATED OR PROJECTED RESULTS, AND, ACCORDINGLY, NO OPINION IS
EXPRESSED ON THE ACHIEVABILITY OF THOSE FORWARD-LOOKING STATEMENTS.
WE CANNOT GUARANTY THAT ANY OF THE ASSUMPTIONS RELATING TO THE
FORWARD-LOOKING STATEMENTS SPECIFIED IN THE FOLLOWING INFORMATION
ARE ACCURATE, AND WE ASSUME NO OBLIGATION TO UPDATE ANY SUCH
FORWARD-LOOKING STATEMENTS.

CRITICAL ACCOUNTING POLICY AND ESTIMATES.

Our Management's Discussion and Analysis of Consolidated Financial
Condition and Results of Operations section discusses our consolidated
financial statements, which have been prepared in accordance with
accounting principles generally accepted in the United States of
America. The preparation of these consolidated financial statements
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the
consolidated financial statements and the reported amounts of
revenues and expenses during the reporting period. On an on-going
basis, management evaluates its estimates and judgments, including
those related to revenue recognition, accrued expenses, financing
operations, and contingencies and litigation. Management bases
its estimates and judgments on historical experience and on various
other factors that are believed to be reasonable under the
circumstances, the results of which form the basis for making
judgments about the carrying value of assets and liabilities that
are not readily apparent from other sources. Actual results may
differ from these estimates under different assumptions or conditions.
The most significant accounting estimates inherent in the
preparation of our consolidated financial statements include
estimates as to the appropriate carrying value of certain assets
and liabilities which are not readily apparent from other sources.
These accounting policies are described at relevant sections in
this discussion and analysis and in the notes to the consolidated
financial statements included in our Quarterly Report on
Form 10-QSB for the period ended June 30, 2006.


OVERVIEW

The Company was incorporated in Texas on October 1, 2002 and was
originally formed to be a frozen drink machine rental service. It
was intended to specialize in renting frozen drink machines for
gatherings such as wedding receptions, birthday parties, football
parties, anniversaries, family reunions, weekend barbeques, social
functions and fund raising events, as well as any other type of
occasion.  From the beginning, this business was at the first stage
of development and the primary focus was on continuing to developing
and revising our business strategies.

In 2005, the Company changed its name to International Debt
Exchange Associates Inc. reflecting the Company's then intent to become
a diverse company through mergers and acquisitions and to still
maintained business as a frozen drink machine rental service.

In September 2005, the Company changed its board of directors and
has since changed the Company name to China Media Group Corporation
to reflect the Company's intent to focus all its efforts in
advertising and media in the emerging China market.  Under new management,
the Company commenced to position the Company to capitalize on the
growth of the Chinese advertising market where global companies are
rushing into China to try to grab and hold the attention of its
1.3 billion citizens.  It is estimated that advertising expenditure
in China will surpass those in Japan by 2010, making China the second
largest advertising market in the world after the USA.

Our mission is to become one of China's leading new age media
companies through the use of new technologies and devices combined
with traditional media of TV, Newspapers, Magazines, Billboards and
Internet to reach today's mobile society.  In order to facilitate
this mission the Company established 4 strategic business units:
"Television", "Advertising" "Print" and "Telecommunications and
Mobile Computing".

No acquisitions have been completed as of this report, but a number
of letters of intent and non-binding acquisition agreements have
been made by the Company as announced in the period.  In summary,
the update of some of the events are as follows:

Non-binding Acquisition Agreements
Strategically we have signed a non binding Sale and Purchase
Agreement to acquire the entire issued share capital of Good World
Investments Limited which owns 50% of Beijing Ren Ren Health
Culture Promotion Co. Limited.  The Company will commence the audit
of Beijing Ren Ren and is working out certain arrangements on
the audit.  We anticipate to finalize the negotiations for the
acquisition for Good World before September 30, 2006.

We also had a non-binding Sales and Purchase Agreement to
acquire a controlling interests in Cody Ventures Corporation.
The Company had on-going discussions on the business of Cody with
its business owners and expected to enter into the due diligence
after completion of the initial discussions. However, the Company
has determined not to complete the proposed transaction and
terminated the Agreement.

As announced on or about February 2, 2006 the Company entered
into a Stock Purchase Agreement to acquire the controlling
interests in DongGuan Zhishixin Advertising Limited.  The Company
is still conducting its due diligence at the date of this report.

Advertising Unit
On or about December 5, 2005, the Company announced that it has
been appointed as the advertising agent for Beijing Ren Ren Health
Culture Promotion Co. Limited.  As further announced later, Beijing
Ren Ren had obtained approval for over 600 sign ad placements of
which about 90 location placements have been approved in Chao Yuan
District in Beijing.   Beijing Ren Ren has initially provided about
12 ad placements in the Chao Yuan District for the Company to sell
advertising in June 2006.   No advertising revenue has been
generated yet from these signs.

Furthermore on or about December 7, 2005 the Company entered
into a cooperation agreement with Harbin Shendong Advertising Co.
Limited on developing adverting revenue in Harbin, which then
progressed to discussions on acquisition of 9 signs from Harbin
Shengdong. The Company is having on going discussion with Harbin
Shendong on the acquisition of the 9 signs.  No revenue has been
generated yet from these signs.

On or about December 9, 2005 the Company entered into a
cooperation agreement with DreamWorks Movie & TV Culture Media Co.
Limited on developing the advertising market for Changsha.
We are working with DreamWorks to secure customers to advertise in
Changsha, but at the date of this report no revenue has been
generated yet.

On or about December 12, 2005 the Company entered into a
cooperation agreement with Dalian Goal Media Limited to allow us
to tap into existing target market of Dalian.  We are working with
Dalian Goal Media to secure customers to advertise in their print
magazine, but at the date of this report no revenue has been
generated yet.

On or about February 6, 2006 the Company entered into a
cooperation agreement with Nanjing Jingcai Advertising Co. Limited
to develop advertising and health awareness advertising in Nanjing.
No further update from the last report to the date of this report
and, at the date of this report no revenue has been generated yet.

On or about April 27, 2006 the Company announced being appointed
as the overseas advertising agent for the 2006 Zhuhai Airshow.
We are selling the advertising ad space for the upcoming airshow
to be held from October 31 to November 5 2006, but at the date of
this report no revenue has been generated.

Telecommunications Unit
On or about January 23, 2006, the Company announced the establishment
of the Telecommunications and Mobile Computing Division to focus on
the new media advertising where we would take advantage of new
convergent devices for telecommunications advertising.  The Company has
appointed Mr. Paul Scanlan to head this unit.   The business of
selling advertising through telecommunications media and devices is
still at an early stage as we are developing strategies to effectively
enter the market.   No revenue has been generated from advertising
through telecommunications media and devices at the date of this report.

As announced on or about January 25, 2006 the Company entered into
a distribution agreement for the territory of China and Hong Kong
for the M.A.G.I.C. Convergent Device.  The Company has acquired the
rights to M.A.G.I.C. convergent device which is expected to be
commercially available for sales in the coming months.  M.A.G.I.C.
is a next generation convergent device that has the full capabilities
of a notebook computer shrink to a size of a PDA phone. The Company
received the prototype unit in May 2006 and is still conducting
compliance, functional, stability, load and usability testing on
the device prior to testing by our resellers and partners.  No
revenue has been generated from this M.A.G.I.C. convergent device
at the date of this report.

The Company also announced on or about January 17, 2006 that it
has signed a Letter of Intent with DreamWorks Movie & TV Culture
Media Co. Ltd to jointly develop mobile TV network in Hunan Province
and advertising on such mobile network.   No further update since the
last report.  No revenue has been generated from this cooperation.


Hospital Advertising Unit
On or about December 13, 2005 the Company announced that it will undertake
the advertising works inside/outside of the Changsha Central Hospital to
introduce domestic and international healthcare companies to advertise at
the hospitals.  Also on or about February 27, 2006 the Company announced
that it has been appointed to undertake the advertising placement work
for Beijing Number 6 Hospital.   Our staff continues to work to secure
advertising customers for both these hospitals.  No revenue has been
generated from the placement from these two hospitals at the date of
this report.

It is the Company's intention to increase the Company's size and earning
potential through internal growth, joint venture, acquisitions and
mergers with similar businesses to gain a greater foothold in the
marketplace. We are continuing to search for possible acquisition and\or
merger candidates to be identified and this will be competitors, business
associates and other similar businesses that would help strengthen
the Company.


PLAN OF OPERATIONS

OUR PLAN OF OPERATION FOR THE NEXT TWELVE MONTHS.
We hope to generate revenues in the next six months by engaging business
operations through internal growth and through strategic acquisitions and
cooperative advertising agreements, as described more fully under
"Overview" above.

We have cash and cash equivalents of $13,789 as of June 30, 2006; a decrease
from the previous period end of March 31, 2006. In the opinion of management,
these funds will not satisfy our working capital requirements to operate at
our current level of activity for the next twelve months. To effectuate our
business plan, including completing the acquisitions above, during the next
twelve months, we must arrange for adequate funding to implement our plans
of increasing our advertising offerings and promote our advertising services,
through cooperation agreements and otherwise.

The Company entered into an agreement to sell USD250,000 in common stock in
February 2006 and another USD1 million of common stock in 4 equal tranches
over the next 8 months thereafter, subject to certain conditions.  On and
around May 5, 2006, the Company announced that the Investor has not invested
into the second tranche of USD250,000 as provided in the Stock Purchase
Agreement due to the decrease in the share price.  The Company has entered
into negotiations with the Investor to adjust the terms in the Stock Purchase
Agreement on the remaining 4 tranches to reflect the current market conditions
and environment.  The discussion with the Investor is still on going.
Management intends to continue to raise additional financing through debt
and equity financing or other means and interests that it deems necessary,
with a view to implementing our business plan and building a revenue base.
We plan to use the proceeds of such financings to provide working capital
to our operations and increase our capital expenditure for marketing and
working with our co-operative partners. There can be no assurances that
sufficient financing will be available on terms acceptable to us or at all.
Our forecast for the period for which financial resources will be needed
to support our operations involves risks and uncertainties and actual results
could fail as a result of a number of factors.

Specifically, we hope to accomplish the steps listed below to implement our
business plan. We estimate that we will require approximately $2,000,000 to
commence operations as envisioned below during the next twelve months. The
figures and steps outlined below are estimates only, and our actual progress
and cost may vary from these estimates and is subject to our ability to
obtain adequate funding. Such additional capital may be raised through
public or private equity financing, borrowings, or other sources, such as
contributions from our officers and directors. If we are unable to obtain
funds necessary to implement our business plan, we may revise or scale
back our business plan.

Over the course of the next two years, we propose to build up our advertising
presences to over 5 regional offices in China.  We have opened an office in
Zhuhai and we expect to open 2 more offices within the next few months
after finding suitable locations.  Over the next two years, we also
propose to acquire strategic partners that have existing operations in
cities or regions to grow our business by acquisition and through
cooperation agreements and otherwise, subject to available funding.
Additional support staff may be hired as necessity and resources dictate
within the next twelve months.

We are not currently conducting any research and development activities,
other than the continual development of our website in both English
and Chinese. We do not anticipate conducting such activities in
the near future. In the event that we expand our business scope,
then we may need to hire additional employees or independent
contractors as well as purchase or lease additional equipment.


RESULTS OF OPERATIONS.

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2006 COMPARED TO THE
THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2005.

REVENUES.
We have not realized any revenues for the period from October 1, 2002, our date
of formation, through the period ended March 31, 2006. For the current three
months period and six months period ended June 30, 2006, the Group has realized
revenue of $8,567 and a cost of revenue of $6,078, achieving a gross profit of
$2,489.  We hope to generate additional revenues when we begin to receive
contracts from clients or through acquisitions. Depending upon the availability
of operating capital, we intend to expand our operations in the next 6 months.
Our officers and directors have not committed to make any capital contributions
to our operations other than what has been announced as to our intended
acquisitions and co-operations.

OPERATING EXPENSES.
For the three month period ended June 30, 2006, our gross profit was
$2,489 and our total operating expenses were $185,333, all of which
were selling, general and administrative expenses. We also had
$1,703 in interest expenses, so that our net loss for the three
month period ended June 30, 2006 was $184,547. This is in
comparison to the same period ended June 30, 2005, where we had
$22,024 in selling, general and administrative expenses and $1,752
 in interest expenses, making our net loss for that period $23,776.

For the six month period ended June 30, 2006, our gross profit was $2,489
 and our total operating expenses were $328,911, all of which were
selling, general and administrative expenses. We also had $3,963 in
interest expenses, so that our net loss for the six month period ended
June 30, 2006 was $330,385. This is in comparison to the same six month
period ended June 30, 2005, where we had $53,626 in selling, general
and administrative expenses and $3,147 in interest expenses, making our
net loss for that period $56,773.

We anticipate that our operating expenses will continue to increase in
future periods as we undertake to implement our business plan.


LIQUIDITY AND CAPITAL RESOURCES
As at June 30, 2006, the Company had cash and cash equivalents totaling $13,789
and other current assets of $63,576.  The total assets of the Company were
$226,248 as of June 30, 2006. We believe that our available cash and cash
equivalents are not sufficient to pay our day-to-day expenditures.
However, our officers and directors have committed to pay our day-to-day
expenses so that we are able to continue operations until we are able to
obtain additional funding through other sources at levels to implement
our business plan. As of June 30, 2006, we had current liabilities of
$344,977 which were represented by $50,953 in accruals, $67,600 in short
term debt to stockholders, $20,475 in other payables, and $205,949 due to
 related parties.   We expect to continue to have a working capital
deficit (current assets minus current liabilities) while we continue
devoting all of our efforts and resources to establishing our business
through implementation of our business plan.




ITEM 3. CONTROLS AND PROCEDURES

	Evaluation of disclosure controls and procedures. We maintain controls
and procedures designed to ensure that information required to be disclosed
in the reports that we file or submit under the Securities Exchange Act
of 1934 is recorded, processed, summarized and reported within the time
periods specified in the rules and forms of the Securities and Exchange
Commission. Based upon their evaluation of those controls and procedures
performed as of March 31, 2006 and June 30, 2006, our chief executive
officer and the principal financial officer concluded that our disclosure
controls and procedures were adequate and effective.

	Internal control over financial reporting.   Until the first fiscal
year ending on or after July 15, 2007, the Company is not required to
provide a report on our internal control over financial reporting  or to
provide an attestation report of our accountant on our assessment of our
internal control over financial reporting.  However, no changes in our
internal control over financial reporting occurred during the quarter
ended June 30, 2006 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.


PART II -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 2. CHANGES IN SECURITIES.

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.  SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS

None

ITEM 5.  OTHER INFORMATION

None

ITEM 6.  EXHIBITS..

3.1      Articles of Incorporation*

3.2      Bylaws*

   99A.   Rule 15d-14(b) Certifications of Chief Executive Officer
and Chief Financial Officer of the Company

   99B   Section 906 Certification by Chief Executive Officer and
Chief Financial Officer

* Incorporated by reference to the same exhibit numbers in the
registration statement on Form SB-2 filed on September 26, 2002.





SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                           China Media Group Corporation

August 23, 2006          			By:  /s/ Con Unerkov
                                            -----------------------------------
                                            Con Unerkov
                                            President, CEO, CFO, Director



Exhibit 99A

Rule 15d-14(b) Certification of Chief Executive Officer and Chief Financial
 Officer of the Company

I, Con Unerkov, certify that:

1. 	I have reviewed this quarterly report on Form 10-QSB of China Media Group
	Corporation;

2. 	Based on my knowledge, this report does not contain any untrue statement
	of a material fact or omit to state a material fact necessary to make the
	statements made, in light of the circumstances under which such statements
	were made, not misleading with respect to the period covered by this report;

3. 	Based on my knowledge, the consolidated financial statements, and other
	financial information included in this report, fairly present in all
	material respects the consolidated financial condition, results of
	operations and cash flows of the small business issuer as of, and for,
	the periods presented in this report;

4. 	The registrant's other certifying officer(s) and I are responsible for
	establishing and maintaining disclosure controls and procedures (as defined
	in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer
	and have:

     	(a) 	Designed such disclosure controls and procedures, or caused such
	disclosure controls and procedures to be designed under our supervision,
	to ensure that material information relating to the registrant, including
	its consolidated subsidiaries, is made known to us by others within those
	entities, particularly during the period in which this report is being
	prepared;

     	(b) 	Evaluated the effectiveness of the registrant's disclosure
	controls and procedures and presented in this report our conclusions about
	the effectiveness of the disclosure controls and procedures, as of the end
	of the period covered by this report based on such evaluation; and

     	(c) 	Disclosed in this report any change in the registrant's internal
	control over financial reporting that occurred during the registrant's most
	recent fiscal quarter that has materially affected, or is reasonably likely
	to materially affect, the small business issuer's internal control over
	financial reporting.

5.	The registrant's other certifying officer(s) and I have disclosed,
	based on our most recent evaluation of internal control over financial
	reporting, to the small business issuer's auditors and the audit committee
	of the small business issuer's board of directors (or persons performing
	the equivalent functions):

     	(a) 	All significant deficiencies and material weaknesses in the design
	or operation of internal control over financial reporting which are
	reasonably likely to adversely affect the registrant's ability to record,
	process, summarize and report financial information; and

	(b) 	Any fraud, whether or not material, that involves management or
	other employees who have a significant role in the registrant's internal
	control over financial reporting.



Date: August 23, 2006


/s/ Con Unerkov
-----------------------
Con Unerkov
Chief Executive Officer and Chief Financial Officer



Exhibit 99B

			CERTIFICATION PURSUANT TO
			18 U.S.C. SECTION 1350,
			AS ADOPTED PURSUANT TO
		SECTION 906 OF THE SARBANES-OXLEY ACT OF 2003

In connection with the Quarterly Report of China Media Group Corporation,
a Texas corporation (the "Company") on Form 10-QSB for the period ended
June 30, 2006, as filed with the Securities and Exchange Commission on
the date hereof (the "Report"), Con Unerkov, Chief Executive Officer
and Chief Financial Officer of the Company, certifies to the best of
his knowledge, pursuant to 18 U.S.C. (. 1350, as adopted pursuant
to ). 906 of the Sarbanes-Oxley Act of 2003, that:

(1) 	The Report fully complies with the requirements of
	Section 13(a) or 15(d) of the Securities Exchange Act of
	1934; and

(2)	The information contained in the Report fairly presents,
	in all material respects, the consolidated financial condition and
	result of operations of the Company.

A signed original of this written statement required by Section 906 has been
provided to China Media Group Corporation, and will be retained by China Media
Group Corporation and furnished to the Securities and Exchange Commission or
its staff upon request.


/s/ Con Unerkov
--------------------------
Con Unerkov
Chief Executive Officer and Chief Financial Officer
August 23, 2006