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.
- 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.
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