SMG president resigns to focus on PE investment
Print Edition
SHANGHAI Media Group president Li Ruigang will step down amid a reshuffling in the management of the city’s media conglomerate to allow him to focus more on private equity investment.
Li will be replaced by Wang Jianjun, executive vice president of SMG, according to a statement by the conglomerate yesterday. Li will, however, continue to be chairman and party secretary of SMG, the statement said.
After being named president in July 2012, Li promoted mergers and acquisitions within the group, including the establishment of a new company that incorporated SMG’s two listed firms — Oriental Pearl Group and BesTV New Media Co. The merged entity is set to take over the business of TV broadcasting, Internet Protocol TV, mobile TV, online video and mobile advertisements.
Earlier media reports said Li would focus on his role as chairman of China Media Capital, a state-backed investment fund for media and culture.
CMC was set up in 2009 with an initial funding of 5 billion yuan (US$803 million) from investors including China Development Bank, China Broadband Capital and China Merchants Group.
Last year, CMC raised US$350 million from institutional investors including WPP Plc, US-based Time Warner Inc and Japan’s Softbank Corp to invest in Chinese media and entertainment companies.
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