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Bruno Wu, Former Bertelsmann CEO Form China Media Venture

23 July 2013 13 h 26 min Comments Off

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(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.”

Wu’s wife Yang Lan, a well-known TV presenter and media entrepreneur – often dubbed the “Chinese Oprah Winfrey” – will be a director in the company.
The two partners didn’t reveal the sum they are seeking to raise for their investments, but told the Financial Times that one of their targets is a TV production company specializing in formats for the international market.
Last year, Wu’s Seven Stars Media announced separate joint production ventures with Iron Man producer Avi Arad, Justin Lin’s Perfect Storm Entertainment and financier/producer Jake Ebert’s Allied Productions East.

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Source: Beijing Time, entgroup

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