Time Warner Eyes China Investment Opportunities

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NEW YORK/CHENGDU: Time Warner has formed a strategic investment partnership with China Media Capital (CMC), the investment fund founded by former Shanghai Media Group chief Ruigang Li.

The alliance was announced at the 2013 Fortune Global Forum, currently taking place in the Chinese city of Chengdu. The partnership will look for investment opportunities in China’s media sector. “This partnership with CMC and Ruigang Li will give us a unique window into one of the world’s largest and fastest growing media and entertainment markets,” said Jeff Bewkes, Time Warner’s chairman and CEO. “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. 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.”

Li added, "China’s media and entertainment industry is undergoing a profound change on various fronts including technology, creativity and commercialization. We are privileged to be at the forefront of these unprecedented opportunities as well as challenges. We are pleased to forge this partnership with Time Warner, a global power of television, film and digital content, to jointly explore innovative ways of creating premium content for the new generation of consumers at the age of Internet and mobile, which will further contribute to the dynamic industry development in China."

CMC participated in DreamWorks Animation’s Chinese joint venture and acquired Star China from News Corporation. It also has stakes in the shopping channel OCJ and TVB China.