A manufacturing apparatus for manufacturing a display medium, the manufacturing apparatus including an image data storing unit that stores image data for text or image to be displayed on the display medium; an electrode pattern generating unit that generates an electrode pattern based on the image data stored in the image data storing unit so that when the text or image is configured of a plurality of independent regions, the electrode pattern has a plurality of integrally and electrically connected electrodes corresponding to a plurality of regions; an electrode forming unit that forms the first electrode on either an electrophoretic medium integrally configured of the second substrate, the second electrode, and the electrophoretic layer or the first substrate based on the electrode pattern generated by the electrode pattern generating unit; and a bonding unit that bonds the electrophoretic medium to the first substrate after the electrode forming unit has formed the first electrode.