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The partnership, which will operate under the name CCTV-IMG Sports Management Company, aims to capitalise on the growing interest in sports in China, built up due to the Beijing Olympics.

The firms will own and produce a series of live sporting events and television/multimedia programming that will serve as a new platform for corporate sponsors.

Li Jian, president of China International Television Corporation, the business arm of CCTV, said: "The CCTV-IMG joint venture marks a milestone in the international development of China's sports industry. It will help us to better utilize China's domestic resources and strongly enter the international market."

CCTV is the world's largest television broadcaster with 17 national channels and an array of cable networks that have a combined reach of more than one billion people.

Ted Forstmann, IMG chairman and chief executive, added: "Today we are bringing together two international companies with unparalleled global reach.

"Pairing IMG's expertise in creating and developing high-profile sporting events with the unprecedented reach of CCTV, will generate many different opportunities to enhance the sports and media landscape in China."

China currently has a network of state-run sports federations that controls most of the sports.

It has no professional golf and tennis circuits and its professional basketball and soccer leagues often play in lacklustre stadiums in need of a major refurbishment.

With those limitations CCTV's current local sports programming remains limited. The network gets most of its best sports programmes from outside China, such as National Basketball Association games.

The state-run broadcaster signed a deal with the NBA 20 years ago to air its games, which now feature one of China's national heroes -- Yao Ming, who plays for the Houston Rockets.

The IMG and CCTV deal marks the first time that a company based outside of China has been chosen to participate in an exclusive, multi-year, multi-sport joint venture with CCTV.

News Corporation and Viacom attempted to form a partnership with Chinese broadcasters back in 2005 however the deal broke down due to regulatory issues.