The new company, which will allow the USA movie production firm to return to the Chinese market, will be called Flagship Entertainment and will be based in Hong Kong but have offices in Los Angeles and Beijing.
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Warner Bros. will own 49% of the new company, while the remaining 51% will belong to CMC. TVB, a private Hong Kong television company will have 10 percent of the capital in the hands of the fund.
Together, they have entered into an agreement to form a joint venture, Flagship Entertainment Group Limited, to develop and produce a slate of Chinese-language films, including global tentpoles, for distribution around the world, including China.
Warner Bros. will deliver proficient capability, despite the fact that China Media Capital gives the specified economical help.
“The partnership with CMC and Warner Bros. will open a lot of doors in the mainland and overseas film markets”, Chan said.
Flagship plans to develop, invest in, acquire and produce a range of Chinese-language and global tent poles, for distribution throughout China and around the world.
Said CMC founding chairman Ruigang Li, “CMC has been actively investing and operating throughout the ecosystem around the explosive content market in China and around the world”.
“With the proliferation of platforms available to consumers, premium content is more valuable than ever”.
The collaboration is said to be an attempt by Hollywood to gain a bigger share of Chinese box office revenues and marks another step in the sinicization of the US film industry, which in recent years has increasingly been collaborating with Chinese companies and making use of Chinese actors. The first titles from the imprint could be released as soon as 2016.
CMC founder and chairman Li Ruigang said in the statement that the deal would “further CMC’s commitment to building a premier platform for making films that resonate with both Chinese and worldwide audiences”.
Netflix, which streams films and TV shows to homes and mobile devices, earlier this month announced it was including Hong Kong as part of its global expansion.
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“I and the current-term government attach great importance to cultural and creative industries in Hong Kong“.
