BEIJING — Chinese state television and IMG, the U.S. sports marketing giant, announced a 20-year partnership Thursday to produce and broadcast sports in China.

The deal, unveiled ahead of the Aug. 8 start of the Beijing Olympics, comes as Chinese and foreign broadcasters and promoters race to tap into China's increasingly lucrative sports market.

The new venture, CCTV-IMG Sports Management Co., will produce live sporting events and television and multimedia programming, the companies said in a statement. No financial information or details of planned sports events were released.

The venture "will generate many different opportunities to enhance the sports and media landscape in China," said IMG Chairman and Chief Executive Ted Forstmann in the statement. IMG said it was the first non-Chinese company to form such a multiyear, multisport venture with CCTV.

IMG Sports Media says it is the world's largest independent producer of sports programming.

CCTV, China's national broadcaster, operates 17 channels including a 24-hour sports channel. The network says it commands an 80 percent share of China's TV sports viewership.

The popularity of professional sports, especially basketball and soccer, has exploded in China in recent years. CCTV and some 50 smaller Chinese broadcasters air National Basketball Association games.