Li Ruigang Invests in TVB Shareholder

HONG KONG: Chinese media mogul Li Ruigang has made an investment in Young Lion Holdings, the consortium that controls leading Hong Kong-based broadcaster TVB.

The local Communications Authority has approved the new shareholding structure at Young Lion, which indirectly holds 26 percent of the outstanding shares of TVB. A press release from TVB said that the "enlarged investor group will continue to contribute to the long-term growth of TVB and solidify TVB’s leading position in Chinese-language content globally."

TVB Chairman Charles Chan noted, "Mr Li will bring a wealth of experience and expertise in many areas spanning television, film, entertainment, advertising, sports and internet. His insights and network in broadcasting and media-related industries will further enrich and expand TVB’s core business in Chinese-language content."

Li, often dubbed the "Rupert Murdoch of China," is the founding chairman of CMC Capital Partners, chairman of Oriental DreamWorks—the CMC and DreamWorks Animation joint venture—and chairman of Shanghai Media Group.

“One of the many ways Mr Li can contribute to the long-term growth of TVB is to help further develop our film business," Chan continued. "As one of China’s top media entrepreneurs who has sealed many high-profile deals involving Western leaders of the global media and entertainment industry, including Hollywood’s film industry, Mr Li will be a great facilitator in helping drive TVB’s growth in the filmmaking segment.”