Asian Union names Tian chairman, sells stake


BEIJING -- Hong Kong-listed film and television production company Asian Union has appointed former China Netcom CEO Edward Tian as chairman of the board and sold a 23% stake in the company to Tian's investment fund for $54 million, sources close to the deal said Wednesday.

With Tian's appointment came the resignation of Dong Ping, the producer who put the company he founded on the world entertainment map in 2000 with "Crouching Tiger, Hidden Dragon" the international hit starring Zhang Ziyi.

Tian's investment fund, China Broadband Capital Partners, which also holds a stake in News Corp.'s social networking Web site MySpace China, has been "assisting the country in establishing the 'Broadband Eco-system' and promoting development of related industries," Asian Union said in a statement on its Web site.

Asian Union is best known in China for its television productions, the Travel Channel, and its involvement in the advertising industry.

Asian Union announced that is has appointed a new CEO, Wang Hong, the CEO of China's Travel Channel, and tapped Shanghai Media Group chairman Li Ruigang as a new board member. Shanghai Media Group is China's No. 2 broadcaster after state flagship China Central Television.

Tian, former CEO of China's No. 2 fixed-line telecom, couldn't be reached for comment, and Dong Ping did not return calls to his Beijing office.