Direct Investments

China's CMC Capital Partners has acquired a stake in U.S. talent and sports agency firm, Creative Artists Agency (CAA), with an eye to create a joint venture in China and expand CAA's businesses in the world's second largest economy, the Chinese private equity firm announced today.

No Financial details were disclosed. As part of the deal, CMC's chairman Li Ruigang, formerly chairman and president of the Shanghai Media Group, will become a board member at CAA.

The two parties will establish CAA China to further develop CAA's China-U.S. cross-border agency business, as well as to enter and expand into film, television, live performance and sports event marketing in China.