Beverly Hills-based talent agent WME-IMG is entering into a joint venture led by Sequoia Capital to expand its business in China.

Sequoia is also joined by Shenzhen-based internet giant Tencent and Hong Kong-based private equity investor FountainVest Partners. The financial terms have not been disclosed up to now.

“WME-IMG has had a formidable foothold in China for a number of years,” said Neil Shen, founding and managing partner at Sequoia Capital China.

“With the incredible growth they have been experiencing domestically, we saw this as a perfect opportunity to help them replicate that success in China within both sports and entertainment.”stated Tencent President Martin Lau.

WME-IMG, headed by Ari Emanuel and Patrick Whitesell, has already created a strong presence in China, with offices in Shanghai, Beijing and Hong Kong. The agency represents athletes such as Chinese tennis star Li Na, helps stage fashion events like Shenzhen Fashion Week and negotiates media rights on behalf of sports entities such as the Chinese Super League.

According to a recent report, WME-IMG has received an investment of over $300 million from SoftBank and Fidelity Management.

Source: The Wrap

Proofread by Sean O Diobhilin