A boutique merchant bank backed by Eric Schmidt, Google executive chairman, has struck a deal with a Chinese state-owned fund to work together on media, sport and entertainment acquisitions.
Raine’s partnership with China Media Capital, which manages a Rmb5bn ($805m) fund, is the latest sign that China’s nascent but fast-growing media sector is keen to borrow expertise and contacts from established western operators.
Li Ruigang, CMC chairman, told the Financial Times that while he will initially focus on deals in China, “by working with Raine we will also look for global [investment] opportunities”.
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