Chinese state-backed media group CMC, the prominent local and international media and entertainment financier, says it has raised 10B RMB ($1.5B) in a fundraising round from investors including Alibaba and Tencent.
The new investment brings the firm’s valuation to around 400B RMB ($60B), it says. The A-round fundraising was led by the two Chinese tech firms along with new investors such as property developer China Vanke.
CMC founder Li Ruiyang, the media mogul often described as China’s Rupert Murdoch, has strong ties to Hollywood and the local entertainment biz. The firm owns production company Gravity Pictures, distributor CMC Pictures and Pearl Studios, formerly Oriental DreamWorks. Gravity is co-producing shark movie The Meg, starring Jason Statham, with Warner Bros.
Through CMC Capital Partners, the group also owns a stake in CAA; Warner Bros.’ Chinese joint venture, Flagship Entertainment, and Brian Grazer and Ron Howard’s Imagine Entertainment. Among its many international investments is also Premier League soccer club Manchester City.