Shanghai Media Group has lined up a powerful financial partner to support its bid to build an international entertainment empire.

In a statement released on Thursday, China Media Capital, a private equity fund focusing on culture, which is partly owned by SMG, said it has formed a strategic partnership with The Raine Group. "We and Raine share the same vision - to build Chinese media and entertainment companies into world-class institutions," said Li Ruigang, chairman of China Media Capital, who was also the president of SMG from 2002 to 2011.

China Daily - Agencies