CCTV.com - CNTV English - CCTV News

China launches first media industry private equity fund

06-22-2010 09:42 BJT

SHANGHAI, June 21 (Xinhua) -- China's first private equity fund for financing media companies went into operation Monday with an initial fund of 2 billion yuan (293 million U.S. dollars).

China Media Capital (CMC) would focus on restructuring the media industry and encouraging innovation, said CMC president Li Ruigang.

"CMC will finance selected media companies to help them grow, restructure and merge."

The fund would also strive to help Chinese media companies to "go global," Li said.

CMC has not announced any specific financing projects yet.

The fund was approved by the National Development and Reform Commission in April 2009. It plans to raise 5 billion yuan in all.

CMC's sponsors and investors included Shanghai Media Group (SMG), China Development Bank and other Chinese media and financial institutes, Li said.

Li Ruigang is also president of SMG, one of China's largest media groups.

 

Editor:Du Xiaodan |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program