Chinese Culture Industry Investment Fund merging four Star TV services

The fund is China's first renminbi private equity fund to focus on the investment and financing of the culture and media industry, the main investors include SMG's Shanghai Oriental Hui Jin Cultural Industry Investment Co., Ltd., as well as the wholly-owned subsidiary of the Bank of China opened Financial Limited liability company, the fund scale of 5 billion yuan "Caixin net" (reporter Udavi) August 9, Shanghai Oriental Media Group Co., Ltd. (hereinafter SMG) 's Chinese Cultural Industry Investment Fund (China MEDIA Capital, CMC) and the News Corporation formally signed an agreement,　　CMC will invest in the group's wholly owned Star TV Mandarin channel, Star International Channel, Channel[v] music channel, and the Star Chinese film library (Fortune Star) business. But the two sides did not disclose the exact amount of the deal. Backdrop, chairman and SMG president of Chinese Cultural Industry Investment Fund, said that this is an important foundation for our long-term cooperation with News Corp, Chinese capital enters the international media market, will actively promote the change and development of the world communication pattern, the cooperation of this investment and merger is the first step of our common development towards the future.　　CMC will continue to work to build a commercial international media operation and investment platform. Murdoch, chairman and chief executive of News Corp's European and Asian operations, said the investment in the Chinese cultural industry was a recognition of the stars.　　Hope that through this cooperation, the integration of both sides of the resource advantages, to find new business opportunities, new vitality, let both sides grow and develop together. Chinese Culture Industry Investment Fund is China's first focus on culture and media industry to invest in capital of the renminbi private equity fund, April 2009 through the National Development and Reform Commission for approval, the fund size of 5 billion yuan.　　The Fund's main sponsors and investors include SMG's Shanghai Oriental Hui Jin Cultural Industry Investment Co., Ltd. and the wholly-owned subsidiary of the National Bank of China Open Financial Limited liability company, also include Shanghai Volkswagen Group Capital Equity Investment Co., Ltd., Shenzhen Tianyi Investment Co., Ltd., Wen Hui Xinmin United Press Group and broadband industry funds and other institutions. CMC is the first in the National Development and Reform Commission to obtain the record through the cultural Industry Equity Investment fund. Its investment focus is to provide the target companies with growth capital, corporate restructuring, management buyout and other market-based financing, while carrying out strategic mergers and acquisitions.　　The merger of News Corp's four Star TV business is the fund's first investment project. Founded by Rupert Murdoch, News Corp (NASDAQ:NWS,NWSA,ASX:NWS,NWSLV) is one of the world's largest integrated multinational media groups listed in New York.　　Star TV Mandarin Channel is the entertainment integrated channel, Channel[v] is in the young audience has a broad influence of the music brand, through a variety of channels covering Hong Kong and Macao, Southeast Asia, Chinese people, in mainland China's three-star hotel and other parts of the region have landed. Star International channel positioning Fashion Entertainment, shadowRang throughout the Asia-Pacific region and many countries.　　The Star Chinese film library has 757 Chinese films, including Hong Kong and Taiwan films, most of which have permanent and complete copyrights worldwide. In addition to star TV and Channel[v] Mainland China channel, News Corp's China TV channel also has satellite TV and National Geographic Channel. News Corp holds a 17.6% per cent stake in Phoenix Satellite TV, which includes the Chinese version of Phoenix Satellite TV, the Phoenix Information desk and the Phoenix TV film station. In addition, through its ESPN satellite sports joint venture, which holds 50% per cent of its shares, News Corp has broadcast the Chinese sports channel ESPN and the TV sports platform. Other News Corp investments in China include the Wall Street Journal Chinese web and the MySpace network.