CMC and CAA to set up joint venture

Yesterday, CMC Capital Partners (CMC), whose chairman is Li Ruigang, announced that it is to take a minority stake in Creative Artists Agency (CAA). Li Ruigang will join CAA’s board. CMC and CAA will set up a joint venture, CAA China, so as to further develop the cross-border entertainment agency business and to expand the scale of its business in the related fields of film, television, live entertainment, sports &  events marketing etc.

It is known that CAA set up an office in Beijing in 2005 and perform well in the fields of Chinese film and television. The business of the CAA Beijing office will merge with CCA China as soon as it is established.

CMC was founded in 2010 and engages in investing and operating in the fields of media and entertainment, Internet and mobile and lifestyle. CMC is also involved in the sports industry. For example China Sports Media which purchased the rights to the Chinese Super League for 800 million Yuan is owned by CMC. CMC has also invested in City Football Group.

At present, according to media reports, this cooperation seems to be focused on the entertainment and television fields, but it is likely that there will be some impact in the field of sports, because CAA also work with many athletes in the field of sports.

Proofread by Sean O Diobhilin