CAA China will help in bringing more talent and innovation into the local entertainment industry. (Photo : Getty Images)
CMC Capital Partners and CAA have joined hands to launch CAA China, a new Chinese media and entertainment venture that aims to expand the latter's operations in terms of talent representation, TV and digital content production, and film financing, Variety reported.
After taking a minority stake in CAA, CMC Capital Partners Chairman Ruigang Li will now be part of the agency's board of directors.
CAA, which first set foot in China in 2005, will be CAA China's majority owner.
According to CAA President Richard Lovett, this partnership is very crucial for their firm.
"We have had a great deal of local success in China, but this is a moment now where we have a best-in-class partner with Li Ruigang," Lovett said in an interview with Variety. "Now we have a local partner who can provide access and resources and capital for our growth. Our ability to serve clients and expand into new markets is enhanced."
On the other hand, CMC Capital Partners is known for having established itself in the field of media and entertainment with its joint ventures with Warner Bros. and IMAX.
For Li, CMC's teaming up with CAA is "significant" as it will help them in bringing more innovation and talent into China's entertainment industry.
Li told Variety: "This partnership will be very significant. A lot of our companies are looking for great connections or access (to talent). In the past few years, we have done projects that were a one-off or short-term deals. This is a very strategic long-term partnership. We will add a lot of resources from our two sides to work together."
Lovett remarked that the newly formed venture will focus on business opportunities for China's entertainment market.
"We feel really fortunate to have a local partner who can help us generate more opportunities that are specifically tailored to the Chinese marketplace," Lovett said. "We're very proud of the work we've done representing Chinese talent over the last 12 years. This partnership will accelerate opportunities for Chinese talent."