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November 15, 2016

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Hollywood studio deal

A Chinese copper-processing company has bought a controlling stake in the Hollywood studio behind Oscar-winning films “The Hurt Locker” and “Dallas Buyers Club,” in the latest sign of China’s ambitions in global entertainment.

Based in Wuhu, west of Shanghai, Anhui Xinke New Materials has no apparent link to entertainment or films. But it said it has bought an 80 percent stake in Midnight Investments, the holding company behind the studio, for 2.39 billion yuan (US$350 million).

Earlier this month, Anhui Xinke set up Wotaiji International Media Ltd to acquire media assets.



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