Alibaba, Tencent lead $1.5b investment in media group CMC

SHANGHAI - Chinese media and entertainment group CMC Inc. Tuesday said it had raised nearly 10 billion yuan ($1.5 billion) from investors, including internet giants Alibaba and Tencent, and property developer China Vanke.

Founding shareholders Alibaba and Tencent and new investor China Vanke led the A-round fundraising that values CMC at nearly 40 billion yuan.

"The global media and entertainment industries are undergoing a new round of adjustment and transformation as the tech revolution drives constant changes in the consumption of content," said Li Ruigang, chairman and chief executive officer of CMC, which was founded in late 2015.

"As a major economy and consumer market, China has the potential to nurture a new-generation media and entertainment conglomerate," Li said.