IMG, CCTV start operation of sports JV
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IMG Worldwide Inc, a global leading enterprise in the sporting event industry, said it has received approval to operate its joint venture (JV), CCTV-IMG Sports Management Co, with China Central Television (CCTV), an announcement marking the beginning of a 20-year partnership, source reported.
The JV, established in August 2008, held its first general meeting of shareholders on May 26. The financial details of the JV, of which CCTV holds a controlling stake, are not yet clear.
Jiang Heping, the majordomo of CCTV's sports channel, which accounts for 85% of China's sports TV market, will be appointed the board chairman of the JV. CCTV currently has 740 million daily viewers, the most in the world.
Ted Forstmann, chairman and chief executive of IMG, said that IMG will handle sponsors and merchandise.
The first events of the cooperation are the China Open tennis tournament to be held in Beijing in October, and the Chengdu Open tennis tournament that will take place in Chengdu, Sichuan Province, in November.
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