Tang takes over IM Global

US-Chinese finance and development firm Tang Media Partners (TMP) is taking a controlling stake in US producer and distributor IM Global, which has also launched a TV-focused joint venture with tech giant Tencent.

Stuart Ford

TMP, which aims to act as a gateway between Hollywood and China and also produces and distributes content, is buying the majority stake in IM Global from Asian media giant Reliance.

The India-based firm made its investment in IM Global in 2010, three years after the latter’s creation by Stuart Ford. Reliance will retain a minority share in IM following this latest deal.

Ford will remain as CEO of IM Global and its TV division chief Mark Stern is expected to keep his role, while Donald Tang of TMP becomes exec chairman on IM’s board.

IM Global has been ramping up its TV interests over recent months including agreeing a drama deal with Hollywood actor Jonny Depp and signing its first unscripted deal in April.

Meanwhile, Tencent, which backs TMP, has also revealed a JV with IM Global that will see the firm produce and distribute TV content in the region.

Further details of the JV and financials have been kept under wraps but reports suggest the two deals are worth around US$200m, according to the Financial Times, which first broke the news.

TMP said the arrangements would “provide IM Global and IM Global Television with significant capital to further invest in film and television programming development, production and distribution and to expand its global distribution platform.”

IM Global recently launched a TV arm to go with its Latino film arm Mundial, and sells Reliance’s Indian shows globally.