Pact moves conglom further into Chinese marketplace
Conglom made the announcement Thursday during China’s 2013 Fortune Global Forum in Chengdu. Partnership will “capitalize on China’s rapidly expanding media sector,” according to the announcement, which provided few specifics on just how the two companies would work together.
China’s rapidly expanding box office and media infrastructure has lured many entertainment companies over the past few years. DreamWorks Animation’s Oriental DreamWorks marked Hollywood’s first production facility to operate in China when it opened in Beijing earlier this year, while companies like Relativity Media and Legendary Entertainment have sought out distribution partners to help tap into the country’s booming box office.
“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,” stated Time Warner chairman and CEO Jeff Bewkes. “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.”
CMC Chairman Ruigang Li founded the company in 2010 with a focus on entertainment investments. Company’s investments include Oriental DreamWorks and the purchase of Star China from News Corp. in 2010.