Launch of joint media fund at Singapore Media Festival
Singapore Media Festival
Singapore – A Singapore-based US$100m private equity (PE) media fund targeted at China’s media and entertainment industry was launched by its three main partners – Yu Dong, Founder and Chairman of NASDAQ-listed Bona Film Group Limited (Bona Film), Singapore PE fund Tembusu Partners and local media entrepreneur, Calvin Cheng.
Minister for Culture, Community and Youth and the Second Minister for Communications and Information, Lawrence Wong, witnessed the signing of the memorandum of understanding between the three parties during the Singapore Media Festival, which is hosted by the Media Development Authority (MDA) of Singapore.
The media fund will be the first such non-Reminbi dominated fund to invest in China’s media and entertainment Industry. It will be domiciled in Singapore and will leverage on the country’s legal framework and status as a financial hub to attract investors from and outside the region.
Yu Dong, said, “Singapore is the perfect place to launch this fund as it is not only a financial capital of the world, but also as the place where East meets West. This fund will allow foreign investors to participate in the fastest growing media and entertainment market in the world. China’s media and entertainment industry is forecast to overtake Japan’s by 2018, and become the second-largest in the world, behind only the U.S. It is already the second-largest film market in the world, and China’s TV industry is set to surpass the UK and Germany by 2016 to also become the second-largest behind the UK. This phenomenal growth in China will create many exciting investment opportunities.”
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