China Media Capital is a pioneering private equity style fund that was started with backing from state companies, and has since attracted international finance from top entertainment and media conglomerates including Warner Bros., WPP and Ratpac Entertainment.
Headed by Li Ruigang, former chairman of the Shanghai Media Group, CMC has in turn invested in a clutch of TV channels bought from News Corp., the Fortune Star film library and Oriental Dreamworks.
Recently, it emerged that Li and CMC were taking a small stake in one of the holding companies that control Television Broadcasts (TVB), Hong Kong’s dominant free to air broadcaster. While some people in Hong Kong have warned against the encroachment of mainland Chinese interests into Hong Kong media, TVB has long been criticised for not doing more to exploit its massive library of Chinese language programming.
Under Li, CMC has also moved into the production of smart TVs. Its sees itself and the companies it has invested in as content suppliers to Internet-connected consumers.
“With the proliferation of platforms available to consumers, premium content is more valuable than ever. This partnership with Hollywood’s most iconic studio will bring Warner Bros.’ deep experience in creative storytelling and unparalleled expertise in producing global titles to China’s film industry,” said Li. “It will also further CMC’s commitment to building a premier platform for making films that resonate with both Chinese and worldwide audiences, helping to enhance the cultural exchange between China and the rest of the world.
CY Leung, the Chief Executive of Hong, who met both management teams earlier this year, was quick to welcome the establishment of Flagship. “I and the current-term government attach great importance to cultural and creative industries in Hong Kong… This collaboration highlighted that the cultural and creative industries in Hong Kong have international flavour. Thanks to a high degree of openness, capability of external co-operation, an edge in language ability and close ties with the outside world on community levels, Hong Kong has an unique advantage in collaboration in international scientific research and art and culture.”
Article Appeared @http://variety.com/2015/film/asia/china-media-capital-warner-bros-seal-flagship-production-pact-1201597886/