Chinese media mogul Li Ruigang buys undisclosed stake in Hollywood production company Imagine Entertainment
The purchase adds to the media mogul’s growing asset base in Hollywood film production
China’s media mogul Li Ruigang continues to extend his influence in Hollywood with the acquisition of an equity stake in the production company behind “Apollo 13”, “A Beautiful Mind,” and “The Da Vinci Code”.
Shanghai-based China Media Capital (CMC), which Li founded in 2009, said it has taken a stake in Imagine Entertainment, an American production firm led by director Ron Howard and producer Brian Grazer. CMC did not unveil the acquisition price, nor the size of its equity stake.
But the deal is seen as the latest move by CMC to invest in the US entertainment industry after its separate movie-making ventures with IMAX Corp and Warner Brothers Entertainment Inc.
CMC , China’s first media sector focused fund dedicated to media and entertainment investments both in China and internationally, also partnered with Jeffrey Katzenberg’s Dreamworks Animation Skg Inc to make Kung Fu Panda 3.
“Through the investment in Imagine Entertainment, we will team up with the top production team in Hollywood to further enter into the heartland of the world’s movie and television industries,” Li, said in the statement announced yesterday.
Li, who was dubbed as China’s Rupert Murdoch for his media holdings, said the acquisition would enhance China’s influence in the world industry and promote Chinese culture to the rest of the world.