NEW YORK – June 6, 2013 – Time Warner Inc and China Media Capital, China’s leading investment fund focused on media and entertainment, today announced the formation of a strategic investment partnership. The announcement was made in the western Chinese city of Chengdu, where top business leaders convened for the 2013 Fortune Global Forum. The goal of the partnership is to capitalize on China’s rapidly expanding media sector as digital devices proliferate and China’s demand for high-quality content across multiple platforms rises.
“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 Time Warner Chairman and CEO Jeff Bewkes. “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.” (more…)