Fosun’s deal to buy stake in US’ Studio 8 may upset Huayi’s plan
Print Edition
FOSUN International will buy a stake in US film production company Studio 8, in a deal that could complicate an earlier investment plan by another Chinese company.
Fosun, led and founded by billionaire Guo Guangchang, signed a stake agreement with Studio 8 on June 6, the Shanghai-based company said in a filing to the Hong Kong stock exchange yesterday.
Fosun declined to disclose its investment amount but said the agreement allowed it to “exercise significant influence over the distribution arrangements of movies produced by Studio 8 in the mainland of China, Hong Kong, Macau and Taiwan regions.”
“The company is optimistic about the future prospects of the Chinese film industry,” Fosun said. Last year, it bought a 6.4 percent stake in Bona Film Group, a rival of Huayi Brothers.
Studio 8 was founded by Jeff Robinov, who had spent 17 years at Warner Bros Pictures Group, most recently as president of Warner Bros Motion Pictures.
US media earlier reported that Robinov has been seeking up to US$300 million in equity for months. Robinov had also been talking to Huayi Brothers about backing Studio 8.
The Wall Street Journal said last week that Huayi’s investment plan in Studio 8 fell apart. But a Huayi representative yesterday said they remained in talks.
Fosun, whose business ranges from real estate to pharmaceutical, said it hopes to bring Hollywood’s advanced and sophisticated filmmaking expertise and complete production and publication systems to China, the world’s second-largest movie market.
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