NEW DELHI: Beijing Enlight Media has acquired 27.6 per cent of Cao Huayi's New Classics Media Corporation for RMB 829 million ($ 136 million).
In a release for its investors, Enlight states that the move was made based on the strong financial performance of NCM, as well as the success of both its film and television productions. Enlight plans to use NCM mainly to strengthen its television sector.
In addition to television dramas such as Beijing Love Story, which is currently being adapted to a film), NCM also co-produced Zhang Yimou's Under the Hawthorn Tree (2010), Chen Kaige’s Caught in the Web and surprise hit Love Is Not Blind (2011).
Enlight's release revealed that NCM had a profit of RMB 81.7 million ($ 13.4 million) in 2012. The company forecasts that profit will rise to RMB150 million in 2014.