(CelebrityAccess MediaWire) —
In an unprecedented agreement boosting U.S.-China business and cultural exchange, Beijing Gehua Cultural Development Group (Gehua Group), the most prominent Beijing cultural agency, and Clear Channel Entertainment (CCE) have entered into landmark, 50-year joint venture. This is the first agreement to result from three years of discussions with political and cultural leaders of China.
With headquarters in Beijing and satellite offices in New York and London, the joint venture company will be named Gehua Clear Channel Entertainment & Sports Company, Ltd. and has a 50-year, first right of refusal to mount live tours of performance shows, promote international events, manage venues, sponsorship opportunities, ticketing, logistics, artist management, food and beverage services, merchandising, staging, sound and lighting. The new company will bring international entertainment and sports events to China; create opportunities through which Chinese artists and events can tour the globe and create international event and venue management systems within the Chinese sports and entertainment related industries.
China offers tremendous potential for the live entertainment business. With its rapidly expanding middle class, China is emerging as the world's largest consumer market, and with its high concentration of young people (355 million people between 15-29), live entertainment is a compelling business and marketing opportunity.
"We want to present the world with many existing and developing Chinese cultural and sports events and bring major events to the city of Beijing in a way that benefits the joint venture company, the citizens and the performers," stated Gehua Group General Manager Wang Jianqi, who added that the state-owned entity The Gehua Group's long-term partnership with Clear Channel Entertainment ensures a legacy of substance and vision.
"We believe this is an historic partnership that will enhance the way Chinese culture and entertainment are experienced around the world," said Clear Channel Entertainment CEO Brian Becker. "We are honored to have been chosen to bring Western entertainment to Beijing, and we look forward to using the Clear Channel Entertainment global network of venues and experts to market traditional Chinese culture throughout the world."
"From the first moment I landed in Beijing, it was clear that the political and business leadership in Beijing was committed to providing every citizen with access to world-class sports and entertainment events," said Ed Cunningham, lead negotiator and senior vice president of Clear Channel Entertainment. "The partnership with Clear Channel Entertainment is an important step in reaching this objective, and it is a monumental opportunity both for the development of China's sports and entertainment industries. The Beijing Gehua Cultural Development Group, Clear Channel Entertainment and the Beijing city leaders have all worked diligently and tirelessly to achieve this objective, and now we will continue to work together to establish a foundation for sports and entertainment in Beijing and throughout China, a foundation that we hope will support major events for decades." –Bob Grossweiner and Jane Cohen