IPCN loses Desmond, gains CMC funds

Chinese private equity group China Media Capital (CMC) has invested in producer and distributor IPCN, after one of the company’s co-founders revealed he has left the business.

Mick Desmond, a former CEO at ITV Broadcasting in the UK, launched IPCN with Rebecca Yang in 2007 but has now sold his stake and left his role as chairman at the firm.

Desmond was ousted from ITV in 2005 as part of a reshuffle that saw Simon Shaps become director of television.

Meanwhile, state-backed CMC has made an undisclosed investment in IPCN and taken a 48.1% stake in Pegasus, a new holding company of which IPCN holds the remainder. Yang and fellow CMC exec Thomas Hui will sit on the Pegasus board with CMC founder Li Ruigang.

IPCN has forged more than 35 format deals with Chinese companies, assisting on local adaptations of Got Talent and The Voice, as well as Supernanny and The Secret Millionaire. The company said it would use CMC’s investment to create its own shows for Chinese and international markets, focusing on non-scripted, drama and comedy.

IPCN is currently working on a local version of UK show Don’t Tell the Bride for local channel Shenzhen and is producing prank show format The Work Experience for VoD service Tencent.