A cash infusion, a new board member, and a new joint venture could “supercharge” the Los Angeles-based agency’s operations in China.
CMC Capital Partners will take a stake in Creative Artists Agency (CAA), and add CMC Capital Partners Chairman Li Ruigang to CAA’s board, the global management company announced Tuesday.
At the same time, the two companies will form a China joint venture — CAA China — to expand its presence in representation not only in film and television, but also in sports and live entertainment.
Financial details were not disclosed for either aspect of the new agreement.
CAA is the world’s largest artist management agency, and has operated in China since 2005. Its China operations are currently headed by Jonah Greenberg.
CMC was founded by Li, who formerly served as president of Shanghai Media Group. Based in Shanghai, CMC raised a reported US$350 million in July 2016.