Private equity fund China Broadband Capital Partners has taken a 23% stake in Beijing-based film and TV producer Asian Union New Media.

Asian Union founder Dong Ping has stepped down from the company, while former China Netcom CEO Tian Suning has taken up the role of chairman. Wang Hong, president of Asian Union's Travel Channel, has been appointed CEO. Also joining the board is Shanghai Media Group president Li Ruigang.

The $54m (HK$420m) deal is China Broadband's fifth media investment and is in line with the fund's strategy to invest in content for mainland broadband and IPTV services.

Launched in 1996, Asian Union has invested in films such as Crouching Tiger, Hidden Dragon, Gu Changwei's And The Spring Comes and Peacock and Xu Jinglei's Letter From An Unknown Woman. Apart from the Travel Channel, it also has interests in ad agencies and TV drama production houses.

The company underwent restructuring in 2005 that secured a back-door listing in Hong Kong.