Lionsgate to get Chinese co-funding
Print Edition
US movie studio Lionsgate has agreed to a Chinese company co-financing its films, in a deal the “Hunger Games” franchise maker hopes will give it greater access to the key Asian market.
A subsidiary of Hunan TV and Broadcast Intermediary Co, TIK Films, will help fund “qualifying” films for the next three years, Lionsgate said in a statement.
It gave no value, but the Xinhua news agency said the deal was worth US$1.5 billion, describing it as “the biggest overseas deal in China’s movie-making history.”
It reported the deal covers “at least 50 Lionsgate films,” with the Chinese firm paying 25 percent of production costs and receiving 25 percent “of all returns.”
Hollywood studios are keen to expand into China’s fast growing cinema market, now the second-largest in the world.
China’s box office revenue reached US$4.8 billion in 2014, making it the first market outside North America to exceed US$4 billion in revenue, according to the Motion Picture Association of America.
“We’re delighted to expand our relationship with one of the pre-eminent entertainment brands in China to build our film and television presence in that territory,” Lionsgate Chief Executive Officer Jon Feltheimer said in the statement.
TIK Films will have an option to distribute four of the co-financed films annually in China, the statement said, adding that the partners are planning to co-produce films in the Asian country.
The partnership will also extend into theme parks, it said, without giving details.
Lionsgate has reportedly been shopping for a Chinese partner since last year, holding talks with tycoon Wang Jianlin’s Wanda Group and Jack Ma, founder of e-commerce giant Alibaba, the Wall Street Journal said in December.
Another Chinese company, Huayi Brothers Media Corp, said on Monday that it is planning to jointly produce at least 18 films with a US company but gave no name.
US media reports said the partner is STX Entertainment, a film and television studio led by industry veteran Robert Simonds.
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