Li steps down at SMG

Li Ruigang has stepped down as group president of Chinese broadcaster Shanghai Media Group (SMG).

Li will be replaced by Wang Jianjun, currently MD of SMG and deputy party chief of the Communist Party of Shanghai. However, Li will remain chairman of SMG, according to local Chinese media.

No explanation has been given for the move, although it may allow Li to put more focus on China Media Capital (CMC), the state-backed private equity fund he created in 2009 that backs DreamWorks Animation’s Asian venture Oriental DreamWorks.

CMC has also invested in firms including IMAX China and Star China TV, which owns three Star China TV channels previously owned by News Corp and the Fortune Star film library.

State-owned SMG was established in March last year by combining Shanghai Media & Entertainment Group, Radio and Television Shanghai, and Shanghai Media Group.

Li then took over the combined organisation, which also has a partnership with The Walt Disney Group covering film coproduction, TV content development, as well as distribution initiatives.