CMC, FremantleMedia, SMG create China TV JV

As part of the agreement, Fremantle will develop formats for SMG's Dragon TV and BesTV platforms, which reach millions of viewers in mainland China. Fremantle will also handle worldwide distribution of the original contents developed by the joint venture.

Based in Shanghai, the development team includes international experts, along with local producers, to draw on Fremantle's creative strengths, the statement said. The TV stories will focus on Chinese values and tastes blended with Western structure and creativity.

FremantleMedia has previously licensed around 20 titles, including Got Talent, Idols, The X Factor among others to a number of broadcasters in China.

"The Chinese television market is rapidly becoming one of the most important in the world. This new relationship with BesTV, SMG and CMC allows FremantleMedia to build on its existing presence in China and strengthen our ties in this territory," said Cecile Frot-Coutaz, global CEO of FremantleMedia.

SMG's president, Jianjun Wang, said the collaboration will give the company the "opportunity to learn how to create good ideas and how to grow these ideas into formats and productions."

SMG is a diversified media company involved in cable and satellite networks, film production and subscription-based pay TV-channels. Dragon TV is its signature satellite outlet. BesTV New Media is a Shanghai-listed company. Last year, SMG merged BesTV with another publicly-traded media firm Oriental Pearl with a combined market value of RMB100 billion ($16 billion).

CMC was set up in 2010 and claims to be China's first media and entertainment-focused private equity fund approved by the National Development and Reform Commission (NDRC). Sponsors include China Development Bank, Wenhui-Xinmin United Press Group and Shanghai Media Group. Ruigang Li, CMC's chairman, is the former chairman of Shanghai Broadcasting and president of SMG.

The media-focused fund's previous investments the purchase of New Corporation's China portfolio, separate joint ventures with Dreamworks Animation and Hong Kong broadcaster TVB, and the acquisition of a stake in OCJ, a Chinese TV shopping business. Last year, it partnered with FountainVest Partners to acquire a 20% stake in movie theater operator IMAX's China business for $80 million.

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• Topics
• Greater China
• Media
• Consumer
• China
• Joint Venture
• Media
• China Media Capital
• Consumer