DMG will reportedly reach an agreement to buy the rights of Forbes brand in China, aiming to develop its retail and entertainment businesses in Greater China.
It is said that DMG will purchase no more than a 10% stake in Forbes for a non-public price. Forbes’ media business, including magazine and digital products, claims to have an audience of about 6.2 million.
According to a filing published by Shenzhen Stock Exchange, DMG’s Shenzhen-listed subsidiary had established a USD256 million fund under its Hong Kong-listed subsidiary and the main use of the fund is to acquire the rights of Forbes brand in Greater China.
DMG has been expanding in the Chinese market via joint shooting of movies and publishing foreign movies like Looper and Iron Man 3 in mainland China. In 2016, the company tried to purchase a minority stake in Paramount Pictures, but did not succeed.
DMG also maintains a relationship with China Film Group, the largest state-owned film distribution company in China. The two parties co-produced The Founding of a Republic.