MM2 Asia *Official* (SGX: 43D)

Status
Not open for further replies.
Sinkie

Sinkie

Greater Supremacy Member
Joined
Jan 20, 2009
Messages
86,040
Reaction score
20
Among the agreements reached during President Xi Jinping of China's visit to the United States were three in the area of film and TV production and distribution, Shanghai's China Business News reports.

The deals included one between China Film Group Co and the Motion Picture Association of America on film imports and distribution, the paper said. In the second deal, China Media Capital and Warner Bros Entertainment agreed to jointly set up a film production and distribution company in Hong Kong.

The third agreement promotes cooperation in organizing China-themed movie exhibitions and the production of Chinese documentaries, TV shows and films for the China pavilion at Disney theme parks.

On Feb. 18, 2012, China and the US signed a memorandum of understanding on ways to resolve film disputes under the World Trade Organization mechanism. Since then, the annual quota set by Beijing for cinema releases of foreign movies in China has been raised from 20 films to 34 (mostly IMAX and 3D films), and the percentage of ticket receipts in the country from American films has increased from 13% to 25%.

Though the memorandum was set to expire in 2017, the agreements mean the import quota could be further relaxed or even withdrawn altogether.

"Seeking a win-win situation in the global market is the direction the Chinese and American film companies should take in forging their cooperative links," China Media Capital chair Li Ruigang said of his company's deal with Warner Bros.

Through the cooperation, "China Media Capital will integrate the creativity, production and distribution systems and technical capabilities of the world's greatest films with Chinese culture, talent and markets to build a creative platform that will enable Chinese films to gain international attention," Li said.
 
Sinkie

Sinkie

Greater Supremacy Member
Joined
Jan 20, 2009
Messages
86,040
Reaction score
20
(Beijing) – The private equity firm China Media Capital and the U.S. company Warner Bros. Entertainment Inc. said on September 20 they will launch a joint venture to develop, produce and distribute movies for the international market.

The pair said in a statement that the joint venture will be named Flagship Entertainment Group Ltd. A consortium led by CMC will hold 51 percent of the firm, and Warner Bros will own the rest. Hong Kong broadcaster TVB is part of the CMC group, and has a 10 percent stake in the consortium, the statement said.

The new venture's headquarters will be in Hong Kong, and it will also have offices in Los Angeles and Beijing. It will launch products as early as next year.

Their announcement comes just ahead of President Xi Jinping's visit to the United States from September 22 to 28.

Li Ruigang, the CMC's chairman, said Warner Bros.'s experience in creative storytelling and its expertise in distribution will help Chinese movies on the international market.

China's film industry has grown rapidly in recent years and audiences around the world are interested in Chinese stories, said Li, who used to be the CEO of Shanghai Media Group.

Box office receipts in China hit 29.64 billion yuan last year, up 36.15 percent from a year earlier, said the State Administration of Press, Publication, Radio, Film and Television, the country's regulator of media products. The figure will likely grow even more this year because in the first half of 2015 the receipts figure was 20.4 billion yuan.

Kevin Tsujihara, chairman and CEO of Warner Bros., said his company is interested in learning about the Chinese film industry. Chinese culture and history provided a treasure trove of great stories that the company wanted to tell global audiences, he said.

Warner Bros., part of Time Warner Inc., has made hit films such as the Harry Porter series, The Matrix series and Inception.

CMC and Warner Bros. and three partners – Shanghai Media Group, RatPac Entertainment and WPP – launched CMC Creative Fund to invest in Chinese and international content such as movies and TV shows.

Time Warner started investing in Chinese cinemas in 2002, but because the government said in 2005 that foreign investors could not own more than 49 percent of theaters, it withdrew from the market in 2006.
 
Status
Not open for further replies.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ Forums. Forum members and moderators are responsible for their own posts. Please refer to our Community Guidelines and Standards and Terms and Conditions for more information.
Top