Fund is focused on media and entertainment
Time Warner and China Media Capital, a Chinese investment fund focused on media and entertainment, have formed a strategic investment partnership aimed at meeting the country's demand for content across multiple platforms.
The alliance unites the home of Warner Bros., HBO, and Turner Broadcasting with one of China's major investors.
"China's media and entertainment industry is undergoing a profound change on various fronts including technology, creativity and commercialization," Ruigang Li, Chairman of CMC, said in a statement. “We are privileged to be at the forefront of these unprecedented opportunities as well as challenges."
"This partnership with CMC and Ruigang Li will give us a unique window into one of the world’s largest and fastest growing media and entertainment markets,” said Time Warner Chairman and CEO Jeff Bewkes.
The companies noted that this year, Chinese box office revenue is projected to reach $4.4 billion, animation revenues to reach $7.1 billion, and online video revenues to reach $2 billion.
CMC was established as China’s first media and entertainment-focused investment fund in 2010. Its investments include DreamWorks Animation’s Chinese joint venture and CMC’s acquisition of Star China from News Corporation.
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