China Media Capital forms partnership with The Raine Group

Under the new partnership, the two firms will exchange investment strategies, co-invest with one another, and also pool resources and develop conferences for both Chinese and Western media participants.

Raine was founded in 2009 by Joseph Ravitch and Jeffrey Sine, in collaboration with WME Entertainment, a leading global entertainment agency. With offices in New York, Los Angeles, Palo Alto and Beijing, Raine focuses on growth equity investments. Its portfolio includes multimedia powerhouse Vice, browser-based games giant Jagex, music festival group C3 Presents, and education data company Parchment.

"Raine brings us unparalleled access across the media sector through its portfolio companies, investors and strategic partners such as WME Entertainment. We believe that by combining our resources and networks, we will bring a unique value proposition to our investments," Li Ruigang, chairman CMC, said in a statement.

Last year CMC teamed up with media conglomerate Shanghai Media Group and Shanghai Alliance Investment to establish a joint venture with American film studio DreamWorks.

CMC has an initial fund size of RMB5 billion ($803 million). SMG and China Development Bank are among its founding partners. CMC's investment portfolio includes OCJ, a leading TV shopping channel in China, a joint venture  with Hong Kong-based TVB, and a controlling stake in Star China, formerly News Corporation's China operation.

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• Topics
• Greater China
• Media
• TMT
• China
• Joint Venture