More Chinese film companies tap into Hollywood
Updated: 2015-03-19 13:37
Hollywood has turned their eyes on China, thanks to its fast-growing film market. Chinese film companies, in response, are fully embracing the chances to team up with Hollywood by sending their capital abroad.
Huayi Brothers Media Corp, China's largest private film company, reached an agreement with STX Entertainment of the United States to co-produce and distribute at least 18 feature films by the end of 2017 on March 16.
The agreement was reached through Huayi's wholly owned US subsidiary, signaling that aim of China's showbiz conglomerate to increase cooperation with major screen markets globally.
One day later, Lionsgate unveiled a three-year deal with Hunan TV & Broadcast Intermediary, in which its wholly owned subsidiaries TIK Films is to co-finance all qualifying Lionsgate feature films annually for the coming three years. According to The Hollywood Reporter, the deal will include $375 million in film financing.
Lionsgate said it decided to cooperate with Hunan TV, the second-most-watched broadcaster in China and best known for producing entertainment programs and TV series, to explore opportunities for its programs outside China.
"This agreement reflects our strategy of teaming with entrepreneurial partners to expand our global operations in key markets while underscoring our commitment to a business model that mitigates risk," said Lionsgate CEO Jon Feltheimer.
"We look forward to joining hands in creating a feature film pipeline filled with some of the most commercially exciting movies in the world as well as exploring other strategic opportunities throughout our complementary film and television businesses," said Hunan TV chairman Qiu Yunlong.
Last year, Lionsgate partnered with China's e-commerce giant Alibaba to launch a streaming service in China for distribution of films including The Twilight Saga: Eclipse and TV shows like Mad Men and The Royals.