CMC Holdings buys stake in US-based Imagine Entertainment
CMC Holdings, an investment platform launched by Ruigang Li, founder of media-focused PE firm CMC Capital Partners, has invested in Hollywood production house Imagine Entertainment.
Financial terms were not disclosed. The Raine Group, a financial advisory firm, and global communication giant the WPP Group also participated in the transaction.
Imagine was founded in 1986 by film and television producer Brian Grazer and director, producer and actor Ron Howard. Its notable works include The Da Vinci Code, A Beautiful Mind and Apollo 13.
"Through the investment in Imagine Entertainment, we will team up with the top Hollywood production team to further penetrate into the heartlands of the world's movie and television industries," Li said in a statement.
The investment will also enable China's movie production industry to enter the global stage, as well as to help promote Chinese culture globally.
The capital injection will be used by Imagine for film and TV production, branded entertainment, location-based entertainment and digital technology.
Chinese strategic and financial investors are growing their interests toward China's media and entertainment sectors - driven by rising disposable incomes and rapid adoption of handheld devices - by creating their own industry value chains that run all the way from origination to distribution.
The establishment of media and entertainment-focused CMC is a typical example of this growing trend. The firm launched an investment platform in addition to a private equity fund, with a view to capturing the whole gamut of opportunities presented by a fast-evolving industry.
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