(Beijing Time, 22 Jul, 2013) Chinese media tycoon Bruno Wu is partnering with former Bertelsmann and Arcandor chief executive, Thomas Middelhoff to form a China-focused media and investment joint venture. According to a report in the Financial Times, the two will combine assets with revenues of $1 billion to $2 billion for a business they are touting as “the first China-originated global media and alternative investment group.”
The venture will pool the two investors’ existing media and entertainment assets to make private equity investments in TV, film, and Internet businesses in China and western markets.
Middelhoff, who was ousted from Bertelsmann after trying to take the German media group public, told the Financial Times that BT’s private equity investment strategy would focus on “western, midsized profitable media companies to whom we can offer something by offering them access to the Chinese market.”
Source: Beijing Time, entgroup