CMC Partners, part of the Li Ruigang-led China Media Capital group, has become a shareholder in Formula E Holdings the company that controls the FIA Formula e electric car racing series.
CMC is investing in a consortium that includes its portfolio company SECA. The value of the deal and the size of the stake acquired were not revealed.
“China is an important player in the potential of electric vehicle manufacturing and production, and this partnership reinforces our intentions to promote sustainable mobility across Asia and Mainland China. The opening round of each season has been hosted in this region – Beijing and Hong Kong – and we have teams and drivers such as TECHEETAH and Ma Qing Hua already competing in the series,” said Alejandro Agag, founder & CEO of Formula E.
“CMC has been focusing on investing in premium global and local sports IPs, and we look forward to working together with Formula E both in China and globally,” said CMC founding chairman Li.
CMC’s portfolio also includes film distributor Gravity Pictures, digital effects firm BaseFX and Flagship Entertainment, which it co-owns with Warner Bros. and Hong Kong’s TVB.
Jay Penske, the founder, chairman and CEO of Penske Media Corporation, which owns Variety, is also owner of the Faraday Future Dragon Racing team which competes in the formula.