China Media Capital and News Corporation enter acquisition agreement for STAR China’s TV business
16 August 2010
Shanghai/Hong Kong - China Media Capital (CMC) and News Corporation announced they have signed an agreement under which CMC will acquire a controlling stake in News Corporation’s Xing Kong, Xing Kong International, Channel [V] Mainland China along with its Fortune Star Chinese movie library. Both partners aim to develop the business by exploring new growth opportunities.
CMC is China’s first private equity fund with a focus on investment in the media industry. It was established in April 2009 with the backing of the National Development and Reform Commission with total assets under management of RMB 5 billion. CMC seeks to identify investment opportunities in media businesses in both China and abroad with the aim of providing backing through growth capital, corporate restructuring, management buyouts and strategic acquisitions. The agreement with News Corporation represents CMC’s first investment project.
Xing Kong and Xing Kong International are general entertainment channels while Channel [V] Mainland Channel is a popular music brand among the youth audiences. The Fortune Star Chinese movie library has a total of 757 Chinese-language titles, a number of which have worldwide perpetual rights. The content reaches Chinese communities across the globe.
Jack Gao, vice president of News Corporation and chief executive officer of Star China, will be the chief executive officer of the new company. The joint venture will be headquartered in Beijing with offices in Shanghai, Guangzhou, Chongqing and Hong Kong.
Li Ruigang, chairman of China Media Capital said, “This partnership is an extension of our long-term cooperation with News Corporation. The entry of Chinese capital into international media market will help facilitate its changes and development. The agreement represents a first step into that direction. CMC will continue our efforts in developing operational and investment platforms for international media. ”
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