Captain America directors to form venture with Huayi Brothers
[HONG KONG] Huayi Brothers Media Corp will set up a venture with the directors of the Captain America movies to produce and invest in English-language films as Chinese companies expand their presence in to Hollywood.
Huayi, which produced Jackie Chan's action feature Dragon Blade, will invest US$250 million in the venture to help fund its operations and film production, the Chinese company said in a statement to the Shenzhen stock exchange on Monday.
Huayi will own 60 per cent of the venture, while sibling directors Joe Russo and Anthony Russo will hold the rest.
The move builds on Huayi's expansion beyond China as the company teamed up with STX Entertainment last year to jointly make movies, including this year's Mila Kunis comedy Bad Moms.
Chinese companies are increasingly moving into Hollywood, with billionaire Wang Jianlin buying Legendary Entertainment this year.
Captain America: Civil War has raked in more than US$1.15 billion in ticket sales globally, making it the year's top box-office earner worldwide, according to figures compiled by IMDb.com Inc's Box Office Mojo.
Huayi will appoint three of the venture's five board members and will have exclusive distribution rights for Greater China and South-east Asia, according to the agreement.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Australia wants businesses to diversify after China scraps wine tariffs
Japan drugmaker reports two more deaths in supplement scare
Chanel flap bag now costs more than 10,000 euros in Paris
Florida governor, Disney reach settlement in lawsuit over special district
Kobayashi Pharma ordered to recall red yeast rice pills after 2 deaths
Second Chance Properties H1 profit falls 52.8% to S$4.3 million