China Media Capital buys stake in Hollywood production house

Shanghai-based China Media Capital (CMC) has announced to take a stake in the Hollywood production house Imagine Entertainment.Li Ruigang, chairman of CMC said in the statement announced on Monday that the investment will help the group to team up with the top production team in Hollywood to further enter into the heartland of the world’s movie and television industries as well as driving the development of China's film industry.The investment was completed by CMC, global merchant bank The Raine Group and WPP group. The acquisition price and the size of its equity stake are not revealed.The deal follows its separated partnerships with IMAX Corporation and Warner Bros. Entertainment.Founded in 1986, Imagine Entertainment is headed by director Ron Howard and producer Brian Grazer, whose significant works include A Beautiful Mind, The Da Vinci Code and Apollo 13.Both Grazer and Howard said the partnership and investment will help the company to expand their imagination and visions on a global scale.