Chinese entertainment firm China Media Capital Inc. revealed on Tuesday that it has raised approximately 10 billion Yuan ($1.49 billion) in a fundraising round namely from Alibaba Group, Tencent Holdings, and Vanke.
The Chinese media magnate Li Ruigang, also known as Rupert Murdoch of China, boosted the valuation of the Chinese entertainment firm to 40 billion Yuan ($6billion) in a Series A fundraising round.
The business tycoon has been aiming for international growth for the firm, especially in Hollywood, since the past five years, when the firm came into a strategic partnership agreement with one of the most significant media and entertainment conglomerates in the world – Time Warner Inc
China Media Capital group plays a vital role in the entertainment and media sectors and has high global goals. The fundraising arrives as the leaders of the country seek to fortify their power over media and entertainment sectors, where China’s two tech leaders Alibaba and Tencent have a huge part.
Li Ruigang stated that since the technological transformation is creating driving a radical shift in the way users consume content, the media and entertainment sectors are making changes and modifications to adapt.