Chinese media mogul Li Ruigang’s China Media Capital (CMC) has raised 10 billion yuan ($1.49 billion) in a Series A fundraising round from tech giants Alibaba and Tencent as well as new investors, including real estate developer China Vanke. The new round of fundraising boosts the valuation of CMC to 40 billion yuan ($6 billion).
Dubbed “China’s Rupert Murdoch,” Li was formerly head of Shanghai Media Group and founded CMC in 2006. Li has been eyeing global development for CMC, particularly in Hollywood, since 2013, when the company signed a strategic partnership agreement with Time Warner.
His media and entertainment business empire encompasses a controlling stake in Hong Kong’s Television Broadcasts through its subsidiary Young Lion; Caixin, China’s equivalent to business news outlet Bloomberg; and a range of film assets, including production company Gravity Pictures, distributor CMC Pictures and Pearl Studios, formerly Oriental DreamWorks.
Through CMC Capital Partners, it also owns a stake in CAA; Warner Bros.’ Chinese joint venture, Flagship Entertainment; and Imagine Entertainment, among many other entertainment businesses and startups.