Time Warner Inc. has formed a partnership with deep-pocketed China Media Capital to make investments in what has become one of the most important markets for entertainment companies.
By partnering with CMC, Time Warner is hoping to smooth the way for purchases and partnerships in China.
"Increasing our global presence is one of Time Warner's strategic priorities and China is one of the most attractive territories in which we operate, but it is complex," said Time Warner Chief Executive Jeff Bewkes. "This alliance will give all our businesses a savvy and accomplished partner as we strive to bring our leading brands and storytelling to people everywhere, across a wide range of devices."
For Time Warner, expanding its reach and finding new platforms and markets to create and sell content is a priority. Time Warner is parent of Warner Bros. and several popular cable channels including TBS, TNT and HBO.
Ruigang Li, chairman of CMC, said China is "undergoing a profound change on various fronts including technology, creativity and commercialization" and that the partnership will allow the two to "explore innovative ways of creating premium content for the new generation of consumers at the age of Internet and mobile, which will further contribute to the dynamic industry development in China."
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