CITIC Guoan in movie deal with LA firm
Updated: 2015-04-22 17:31
By Zhu Wenqian(chinadaily.com.cn)
State-run firm CITIC Guoan Group has reached an agreement with Los Angeles-based film company Dick Cook Studios to co-produce three feature films about Chinese culture in four years.
CGG, the largest affiliate of CITIC Group, will invest $150 million to become a shareholder of DCS, a studio under Dick Cook, former chairman of Walt Disney. The two sides said they plan to establish a joint venture company, without giving further details.
CGG is involved in the culture, finance, real estate, information technology and liquor industries. The agreement signals that the Chinese conglomerate is aiming to increase it shares in major screen markets globally.
During Cook's tenure at Walt Disney, his team produced and distributed many blockbusters, such as Pearl Harbor, and Pirates of the Caribbean, which started the 3D film era. In addition, he produced many Chinese-themed films, including Mulan: Rise of a Warrior, and Secret of the Magic Gourd.
According to CGG, the two sides will also cooperate on film and television education, and develop film derivatives. Besides, plans including launching movie theme parks are in the pipeline. The collaboration will help CGG build a whole film industry chain.
In March, China's largest private film company Huayi Brothers Media Corp's wholly owned US subsidiary reached an agreement with California-based STX Entertainment, a studio launched in 2014 that produces mid-budget films. They will co-produce and distribute at least 18 feature films by the end of 2017.
The deals signal that Chinese companies are making further inroads into the international market and strengthen the operation of their film business.