CMC Inc raised $1.49 billion in support of Alibaba and Tencent

Tinuku - China Media Capital (CMC) Inc. said Tuesday it has raised about 10 billion yuan ($1.49 billion) in a round of fundraising from investors including technology giant Alibaba Group Holding Ltd and Tencent Holdings Ltd. The company, founded by Ruigang Li in Shanghai, also added the company has valued 400 billion yuan after the latest round.

CMC Inc, which runs from the sports business to amusement parks, said the Serie A fundraiser was led by two Chinese technology companies along with new investors such as property developer Vanke Co Ltd. CMC Capital Partners is another part of the larger CMC Group and Ruigang Li is often equated to Rupert Murdoch as head of News Corp.

Tinuku CMC Inc raised $1.49 billion in support of Alibaba and Tencent

"With the technological revolution that is driving change in the way people consume content, the global media and entertainment industry will go through new adjustments and changes," Li said in a statement.

The CMC Group is a major force in China's entertainment and media sector which has great global ambitions. The company owns shares in the Manchester City FC team and a joint venture with Warner Brothers Entertainment studio. Recent fundraising aims to strengthen control of the media and cultural industries in which Alibaba and Tencent play a huge role.