Strategic partnership seeks to expand into global media market
By Zhu Shenshen |
January 25, 2013, Friday
|
Print Edition
Print Edition
CHINA Media Capital is forming a strategic partnership with US-based Raine Group to expand into the global media industry, it announced yesterday.
"We and Raine share the same vision - to build Chinese media and entertainment companies into world-class institutions, to further develop the content creation industry in China, and leverage the technology, formats, innovations, and experience of the global digital media, sports and entertainment sectors into China," said Li Ruigang, chairman of CMC.
Li used to be head of Shanghai Media Group, the city's biggest media giant.
As it is a strategic tieup, there were no detailed projects to disclose at the moment, Li said.
The new partnership will allow both sides to exchange investment strategies, co-invest with each other and share resources across China and the media industry in the west, according to CMC.
Established in April 2009 with initial capital of 5 billion yuan (US$793 million), CMC is backed by Shanghai Media Group, China Development Bank and China Broadband Capital and seeks investment opportunities in the media business at home and abroad.
New York-based Raine is ranked No. 30 among worldwide merger and acquisition financial advisers according to Thomson Reuters data.
Founded in 2009, the Raine Group is a global merchant bank focused exclusively on entertainment, digital media and sports, whose co-founders are former employees of Goldman Sachs and UBS.
"We believe the media sector in China is on the cusp of a significant growth trajectory, as demand for international content in China continues to increase, and Chinese media companies continue to expand globally, seeking strategic capital and partners," Raine's co-founder Jeff Sine said.
In August, Shanghai, along with US film giant DreamWorks Animation, unveiled an investment of over 20 billion yuan (US$3.17 billion) to build Oriental DreamWorks.
The US film giant owns about 45 percent of Oriental DreamWorks, with the rest held by CMC, SMG and Shanghai Alliance Investment Ltd.
"We and Raine share the same vision - to build Chinese media and entertainment companies into world-class institutions, to further develop the content creation industry in China, and leverage the technology, formats, innovations, and experience of the global digital media, sports and entertainment sectors into China," said Li Ruigang, chairman of CMC.
Li used to be head of Shanghai Media Group, the city's biggest media giant.
As it is a strategic tieup, there were no detailed projects to disclose at the moment, Li said.
The new partnership will allow both sides to exchange investment strategies, co-invest with each other and share resources across China and the media industry in the west, according to CMC.
Established in April 2009 with initial capital of 5 billion yuan (US$793 million), CMC is backed by Shanghai Media Group, China Development Bank and China Broadband Capital and seeks investment opportunities in the media business at home and abroad.
New York-based Raine is ranked No. 30 among worldwide merger and acquisition financial advisers according to Thomson Reuters data.
Founded in 2009, the Raine Group is a global merchant bank focused exclusively on entertainment, digital media and sports, whose co-founders are former employees of Goldman Sachs and UBS.
"We believe the media sector in China is on the cusp of a significant growth trajectory, as demand for international content in China continues to increase, and Chinese media companies continue to expand globally, seeking strategic capital and partners," Raine's co-founder Jeff Sine said.
In August, Shanghai, along with US film giant DreamWorks Animation, unveiled an investment of over 20 billion yuan (US$3.17 billion) to build Oriental DreamWorks.
The US film giant owns about 45 percent of Oriental DreamWorks, with the rest held by CMC, SMG and Shanghai Alliance Investment Ltd.
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