Media boss quits to focus on smart TV
Print Edition
THE chairman of Shanghai Media Group has resigned to concentrate on other business interests, including a new smart TV company, a news website reported yesterday.
Li Ruigang has resigned all positions at the conglomerate, including his chairmanship of SMG and role as Party secretary of Shanghai TV, according to Chinese news portal thepaper.cn.
He will now focus on the daily operations of China Media Capital, of which he is chairman, and especially Whaley Tech, CMC’s new smart TV unit.
Whaley Tech has registered capital of 200 million yuan (US$31 million) and counts Alibaba, Tencent and China National Radio among the company’s strategic investors.
Li is chairman of Whaley Tech and created the company with Li Huaiyu, the former general manager of SMG’s multimedia unit BesTV, who will serve as chief executive.
Li Ruigang is a veteran of the media and entertainment industry. After serving as president of SMG, which owns TV and radio stations, newspapers, magazines and Internet ventures, from 2002 to 2011, he returned to the company as chairman in late 2013.
China Media Capital is a venture capital fund that was set up in 2009. Its investors include SMG, China Development Bank, Shanghai Dazhong Public Utilities and China Direct Investments Ltd. The fund holds stakes in Star TV, Caixin Media, Dreamworks and several other production houses.
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