DMG Entertainment Sets Up Investing Arm for U.S.-China Deals
(Bloomberg) -- DMG Entertainment, which helps arrange and finance film and TV productions with Chinese and U.S. companies, has set up a $300 million investment arm for media, entertainment and technology deals.
DMG Capital Group will work with private equity funds, strategic partners and entrepreneurs in the industry looking to expand into China. The group, based in Beverly Hills, California, wants to focus on immersive media such as virtual reality, in addition to gaming, licensing, film, television and mobile technology.
Hollywood media companies have been developing closer ties with Chinese investors to get greater access to the movie market in the world’s most populous nation, which is on track to soon surpass the U.S. in box office revenue. DMG is betting that the pace of dealmaking will pick up after slowing this year, the result of concern among U.S. lawmakers about Chinese influence and stricter restrictions in China on international investments.
“We’re committed to partnering with the best and brightest innovators and taking them to the next level as we leverage our strategic insights and experience to help them grow,” said Dan Mintz, chief executive officer of DMG Entertainment, in a statement.
DMG was a co-producer of the films “Looper” and “Iron Man 3.”