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China’s CMC buys into CAA

Chinese media investment giant CMC Capital Partners has bought a minority stake in the CAA talent agency in a deal that sees the establishment of CAA China.

CMC has taken an unspecified stake in CAA and its chairman, Li Ruigang, will join the board of the agency.

The new CAA China unit, which will have about 25 staff, will work across talent representation, endorsements, sport, digital media, music, and original film and TV production.

US talent groups are increasingly looking at opportunities in the vast Chinese market, with China recently cited as the most important TV market outside the US by WME IMG.

“For more than a decade, we have served as a vital bridge to and within the Chinese market, utilising our deep experience and network to support the work of the region’s best artists and to develop opportunities within the market for international talent,” said CAA President Richard Lovett.

“CAA China will supercharge our efforts, from motion pictures, television, endorsements, and brand consulting to sports, live events, digital media, and beyond.”

Li Ruigang said: “We believe China and the US are the two biggest entertainment markets and play pivotal roles on the global landscape. The partnership not only creates commercial and industry value, but also serves as an innovative force in the evolution of the Chinese media industry.”

CMC was formed in 2010 and its investments include IMAX China, Star China and Warner Bros. JV prodco Flagship.