WME-IMG "is teaming up with" venture capital firm Sequoia Capital and tech firm Tencent to expand its Chinese business, according to Henny Sender of the FINANCIAL TIMES. The venture, which is "expected to be announced in the next few days, will involve staging mainland events and setting up sponsorship and advertising deals" for WME-IMG's roster of sports leagues, athletes, film stars and models. Sources said that the deal will also "seek to sign up Chinese stars and help make them global." WME-IMG is "already in China," as it reps former tennis player Li Na and "manages professional golf and tennis events and operates a joint venture with China Central Television to develop and promote sporting events." Sender notes the joint venture will "not only seek to expand WME-IMG's Chinese presence but also promote the flow of Chinese entertainment and advertising into the rest of the world" (FINANCIAL TIMES, 6/10). VARIETY's Cynthia Littleton noted WME-IMG's roster of Chinese talent also includes professional golfers ShanShan Feng, Xi Yu Lin and Liang Wen-Chong. The company has also "operated mass participation events like The Color Run and Tough Mudder" and it "negotiated media rights" for the Chinese Super League, China's professional soccer league (VARIETY.com, 6/9). DEADLINE's Patrick Hipes reported China-based private equity firm FountainVest Partners also "participated in the investment" (DEADLINE.com, 6/9).
