HONG KONG – China Media Capital, a Chinese state-backed private equity fund, is to raise another round of capital, according to reports.
The new finance is expected to run to “a few hundred million U.S. dollars” said its chairman Li Ruigang, who also heads Shanghai Media Group.
CMC was founded in 2009 with a fund size of RMB5 billion ($803 million) with initial investors including China Development Bank Corp. It has since raised more capital and expanded its portfolio of media assets.
It acquired the Chinese-language Star China channels previously run by News Corp., as well as Fortune Star, the world’s largest Chinese film library and last year added a major stake in investigative news website Caixin Media.
Last year CMC and Time Warner announced that they would jointly explore media opportunities in China, with Time Warner putting some $50 million into the fund.
SMG and CMC are both backers of and is a backer of Oriental DreamWorks, the Shanghai-based animation joint venture that yesterday unveiled plans for a theme park style complex.