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July 4, 2018

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Home » Business » Media

CMC nets US$1.5b in fundraising round

Source: Agencies | 00:01 UTC+8 July 4, 2018 | Print Edition

Chinese state-backed media group CMC Inc said yesterday it raised around 10 billion yuan (US$1.49 billion) from investors including Alibaba Group Holding Ltd and Tencent Holdings Ltd.

CMC Inc, one half of the CMC media empire that spans from sports to amusement parks, said the A-round fundraising was led by the two Chinese tech firms along with new investors such as property developer China Vanke Co Ltd.

It added the firm was valued at around 400 billion yuan after the round.

CMC Capital Partners is the other half of the larger CMC group, founded by media magnate Li Ruigang.

Li is often portrayed as China’s version of Australian media mogul Rupert Murdoch, the head of News Corp.

Alibaba and Tencent declined to comment.

The CMC group is a major force in China’s entertainment and media sectors and has global ambitions. It has a stake in the owner of English Premier League team Manchester City and a joint venture with Hollywood studio Warner Brothers Entertainment.

“With the tech revolution driving ongoing change in how people consume content, the global media and entertainment industries are going through a new round of adjustment and change,” Li said in a statement.

The investment came as more tech companies are seeking tie-ups with state-backed firms under China’s mixed-ownership reforms.

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