China media mogul Li Ruigang joins board of Hollywood talent agency behind Brad Pitt, Beyoncé

China’s top media mogul Li Ruigang has struck an alliance with Creative Artists Agency, the Hollywood giant that represents star names including George Clooney, Brad Pitt and Tom Cruise, to form a new entertainment company called CAA China.

The Shanghai tycoon, whose media empire encompasses Hong Kong broadcaster TVB, studio Shaw Brothers as well as the Chinese joint ventures of Warner Brothers and DreamWorks, will also join the talent agency’s board of directors with a minority investment. CAA did not reveal the amount involved in the stake purchase.

The move raised hopes among market observers that more Hong Kong actors will be given opportunities to be cast in Hollywood productions. Li vowed last year to restore local studio Shaw Brothers’ past glory by giving it “access to his extensive Hollywood resources” after taking the helm of the company in October.

The CAA tie-up is also the latest in a string of high-profile deals by Chinese billionaires making their mark in the global entertainment industry, while Hollywood players have also stepped up efforts to cash in on booming Chinese demand for Western media content.

CAA boasts some of the world’s highest-paid celebrities as its clients, ranging from Golden Globe Award winner Jennifer Aniston and Oscar-winning best actress Cate Blanchett to pop divas Beyoncé and Lady Gaga. All four claim an enormous fan base in China, particularly among millennials.

“Li might be looking into more Sino-US co-productions with the CAA alliance. The latest box-office success of Fast and Furious 8 proves that Western blockbusters and stars are still big money machines in China,” Guotai Junan media analyst Ray Zhao said.