With the Olympic Games poised to begin in just over one week, other companies are looking to capitalize on the publicity that the event will bring.
The newly formed entity, CCTV-IMG Sports Management, will begin producing live sporting events and television/multimedia programming following the Beijing Olympics.
IMG is the first company based outside of China to participate in an exclusive deal of this nature. The partnership is meant to open up a new line of access for corporate sponsors looking to reach the burgeoning Chinese market following the pomp and spotlight of the Olympics.
“Pairing IMG’s expertise in creating and developing high-profile sporting events with the unprecedented reach of China Central Television, China’s leading television-broadcast and media company, will generate many different opportunities to enhance the sports and media landscape in China,” said Ted Forstmann, chairman and CEO of IMG, in announcing the partnership. “CCTV-IMG Sports Management will be a formidable international brand capable of developing compelling sports and entertainment content for many years to come.”
CCTV is no small partner, either: The media company’s 17 national channels reach more than 1 billion viewers, over 90% of the Chinese population.