China Media Capital Raises Funds From Time Warner, Softbank
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China Media Capital, a state-backed investment fund, said it’s raising money from investors including WPP Plc, Time Warner Inc. and Softbank Corp. to invest in Chinese media and entertainment companies.
China Media Capital is preparing a fund of a “few hundred million” U.S. dollars, Chairman Li Ruigang said in an interview in Shanghai March 20, declining to be more specific. WPP, the London-based world’s largest advertising company, confirmed the investment. The company will also be announcing two acquisitions in China next week, Chief Executive Officer Martin Sorrell said in a phone interview yesterday from Beijing.