Media company Clear Channel Entertainment, a subsidiary of Clear Channel Communications (ticker: CCU) announced it has entered into a JV with the Chinese government to bring concerts and sporting events to China. [copied with permission from The China Stock Blog]
- The new company, called Gehua Clear Channel Entertainment and
Sports Company, will have a 50-year right of first refusal on arranging
and promoting live shows and managing everything from artists and
ticketing to tour merchandising.
- Each partner will own 50% of the venture and will split profits equally.
- Financial details were not disclosed.
According to Ed Cunningham, CEO of Clear Channel Entertainment
China, one staple of US entertainment that Chinese officials have
expressed interest in importing is monster trucking.