US media conglom Time Warner has scored a major strategic partnership with a leading Chinese investment fund to create entertainment properties for China’s emerging audiences.
Time Warner – the parent company of Turner Broadcasting System and HBO – and China Media Capital will work together to invest in new opportunities in China’s fast growing media sector. The Chinese box office is set to reach US$4.4 billion this year, while online video revenues are rocketing and set to hit US$2 billion soon.
“This partnership with CMC and [its chairman] 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.
“Increasing our global presence is one of Time Warner’s strategic priorities and China is one of the most attractive territories in which we operate, but it is complex. This alliance will give all our businesses a savvy and accomplished partner as we strive to bring our leading brands and storytelling to people everywhere, across a wide range of devices.”
Li launched CMC in 2010 as China’s first entertainment-focused investment fund. He was previously the CEO of Shanghai Media Group, where he took the company from a regional broadcaster into one of the territory’s leading conglomerates.