Talent agency CAA enters deal with Chinese media mogul

Creative Artists Agency, the Hollywood talent group that represents stars including Beyonce, George Clooney and Cristiano Ronaldo, is teaming up with Chinese media mogul Li Ruigang to create a new media and entertainment venture in China, the Financial Times reports. CAA China will be majority owned by CAA in partnership with Li’s China Media Capital. CMC will also make a small minority investment in CAA, whose majority owner is TPG, the US private equity group. Li will join CAA’s board. The companies did not disclose financial details of the deal. The new venture expands on CAA’s existing operations in China, which began in 2005. The agency represents a high-profile range of Chinese stars including Zhang Yimou, one of the country’s best known directors, and Lin Chi-ling, the Taiwanese supermodel and actress. It has been involved in more than 75 Chinese-language films and has helped direct more than $400m in Chinese capital into English-language projects.