New York - IDG chairman Patrick McGovern has partnered with fellow media firms Hearst and News Corp. on a new venture that will distribute movies, DVDs and video games in China, the New York Post reported on Wednesday.

The China New Media Fund -- which has received an initial $50 million from its three backers -- plans to release movies in China in theaters simultaneously with their DVD releases, in a bid to stem piracy in a country that is on the U.S. Trade Representative's "priority watch list" for piracy.

"This is our pilot fund," McGovern told the New York Post. "We'll probably do five or six films with that fund, and then we'll see about doing a second fund of around $150 million."

Related Links:
http://tinyurl.com/36oqub (New York Post)