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Shanghai firm Fosun International to purchase stake in US film company
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SHANGHAI-BASED conglomerate Fosun International said it 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 an agreement with Studio 8 on June 6 for the investment, according to a filing to the Hong Kong Stock Exchange today. It didn't specify the size of the investment.
"The company is optimistic about the future prospects of the Chinese film industry," Fosun said, adding it hopes to introduce Hollywood's advanced and sophisticated filmmaking expertise and complete production and publication systems to China for the development of the local film industry.
Studio 8 was founded by Jeff Robinov, the former president of Warner Bros. Motion Pictures Group. US media have reported that Robinov has been seeking up to US$300 million in equity for months. The executive had also been in discussions with China's Huayi Brothers about backing Studio 8.
The Wall Street Journal reported last week that Beijing-based Huayi's plan to fund Studio 8 was on hold. But a Huayi representative said yesterday they remained in talks.
While Fosun declined to disclose its investment amount, it said that with the agreement it will "exercise significant influence over the distribution arrangements of movies produced by Studio 8 in the mainland of China, Hong Kong, Macau and Taiwan regions."
Fosun has made entertainment and media industry investments previously. Last year, it bought a 6.4 percent stake in Bona Film Group, a rival of Huayi.
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