Modern Sky and Shanghai Joy form $463m entertainment fund

Dec 22, 2015 • Robert Lavine

The deal also involved Fosun subsidiary Shanghai Joy paying $20m for a 10% stake in record label and festival promoter Modern Sky.

China-based record label Modern Sky Entertainment and online entertainment platform Shanghai Joy Network have agreed to jointly launch a RMB3bn ($463m) private equity fund, China Money Network has reported.

The fund will look to invest in international music and entertainment assets that can be extended or licensed to the Chinese market, and will seek to form joint ventures with international music companies that can bring new products into China.

Shanghai Joy has also provided Modern Sky with $20m in series…

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