Shanghai-based firm China Media Capital (CMC) said it has invested in Beijing-based business media firm Caixin Media Company Ltd. The terms of the said deal were not disclosed, according to China Money Network.
CMC bought a stake in Caixin Media from Zhebao Media Holding Group Co Ltd, an existing shareholder in the Beijing media firm. Under the terms of the said transaction, CMC Chairman Ruigang Li will become Caxin's chairman, the report detailed.
In June, CMC announced its plans to strike a strategic partnership with Time Warner Inc. The said team-up aimed to invest in the media sector of China. Time Warner committed a $50 million capital investment to CMC, the report said.
The investment portfolio of CMC includes the Chinese joint venture of DreamWorks Animation and Star China, CMC's acquisition from New Corporation, the report added.
Li was the former chief of Shanghai Media Group, a Chinese media conglomerate, China Money Network reported.
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