CMC purchased its stake of Caixin Media from an existing shareholder, Zhebao Media Holding Group Co., Ltd.
The amount and valuation of the transaction were not disclosed.
CMC’s chairman, Ruigang Li, will become the chairman of Caixin Media as part of the deal.
Ruigang Li founded CMC as China’s first media and entertainment-focused investment fund in 2010 with an initial fund size of RMB5 billion ($833 million). It counts China Development Bank and Shanghai Dongfang Huijin as investors.
CMC’s investment portfolio includes DreamWorks Animation’s Chinese joint venture and CMC’s acquisition of Star China from News Corporation.
Li is the chairman and president of Chinese media conglomerate the Shanghai Media Group.