Bruno Wu and Thomas Middelhoff combined assets with revenues of about US$1 billion to US$2 billion into a brand new media and investment venture centered on China. Bruno Wu is a Chinese media investor while Thomas Middelhoff is a former Bertelsmann and Arcandor CEO.

Mr. Wu and his spouse, Yang Lan, are set to announce the arrangement with Mr. Middelhoff to establish the very first China-originated international media and alternative investment firm on Monday. Yang Lan is an entrepreneur and a television presenter often labeled as China's Oprah Winfrey.

"All the assets are global assets, which already have or will soon have a China market expansion strategy," Mr. Wu stated.

They are creating BT Capital after more than ten years from their first joint venture plan when Middelhoff was still with Bertelsmann. The plan was stopped when the German media group, Bertelsmann, removed Mr. Middelhoff from his office. Mr. Middelhoff would have had a significant minority stake in the new group after the deal.