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The companies will set up a Chinese media and entertainment
joint venture called China CAA, and the Chinese fund headed by
media mogul Li Ruigang will also make a "minority strategic
investment" in CAA.
The deal is the latest in a series of tie-ups between Hollywood
and China, with Chinese investors keen to boost their presence
in the United States and Hollywood studios increasingly chasing
a bigger share of the fast-growing China market.
U.S. studios such as Warner Bros, Walt Disney Co, Dreamworks,
Lionsgate and STX Entertainment have all made tie-ups with
Chinese firms to fund productions or help boost their presence
in China.
CAA China will be majority-owned by the U.S. partner and will
focus on talent representation and endorsement, focusing on
sports, digital media, music and content production, the two
firms said.
They did not put a value on the investment.
"CAA China will supercharge our efforts, from motion pictures,
television, endorsements and brand consulting to sports, live
events, digital media and beyond," CAA President Richard Lovett
said in the statement.
Entertainment and sports are big potential growth areas in
China, tapping into demand from China's rising middle class.
The country's box office has also been quickly catching up with
the leading North American market, though growth has slowed.
Ticket sales grew 3.2 percent last year to about 45.3 billion
yuan ($6.6 billion), according to box office tracker EntGroup,
down from nearly 50 percent growth in 2015.
(Reporting by Adam Jourdan; Editing by Stephen Coates)
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