Global sports marketing company, IMG Worldwide, has agreed an exclusive 20-year deal with China Central Televesion (CCTV) to develop and market new sports events, Sport Business reports.
According to the Wall Street Journal, the venture aims to capitalise on
the post-Olympics commercialisation of sports in China and will develop
sports and entertainment events across China for broadcast on
state-owned CCTV. IMG will sell sponsorship rights for those events.
"The fundamental purpose of the joint venture is to marry what CCTV
does in China and what IMG does all over the world," said Ted
Forstmann, IMG's Chairman and Chief Executive. "If we are successful
[in China], there are going to be a whole lot of events that
do not exist today," he added.
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