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Shanghai Media Group president steps down
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SHANGHAI Media Group president Li Ruigang will step down after years of efforts to restructure the city’s media and entertainment industry amid a position shift that may help him focus more on private equity investment.
Li will be replaced by Wang Jianjun, executive vice president of SMG, according to a statement by the city’s media conglomerate. Li will continue to be chairman of SMG, the statement said.
Li pushed forward a series of mergers and acquisitions within the group after he took the position in July 2012, including the establishment of a new company that incorporated SMG’s two listed firms — Oriental Pearl Group and BesTV New Media Co.
He was director of Shanghai Radio and TV Station from September 2010 to July 2011 and became deputy secretary general of the Communist Party of China Shanghai Municipal Committee before returning to SMG.
Li is chairman of China Media Capital, the country’s first private equity fund focusing on cultural and media sectors, which was set up in 2009 with an initial fund size of 5 billion yuan (US$803 million) from investors including China Development Bank Corp, China Broadband Capital and China Merchants Group.
Earlier this year, it raised US$350 million from investors including WPP Plc, Time Warner Inc and Softbank Corp to invest in Chinese media and entertainment companies.
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