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Warner Bros to set up movie venture in 皇冠体育app
US film giant Warner Bros said it will set up its first movie production joint venture in 皇冠体育app with state-owned 皇冠体育app Film Group and the privately run Hengdian Group.
Warner will hold 30 percent of the new venture, while 皇冠体育app Film Group, the country's largest, will own 40 percent, with eastern Zhejiang province-based conglomerate Hengdian Group taking the remainder. The deal marks Warner Brothers' fifth in 皇冠体育app in less than two years as the Time Warner Inc unit seeks to capitalise on 皇冠体育app's growing affluence and appetite for films. Foreign entertainment companies have been eager to invest in the world's most populous country, eyeing a potential market of 1.3 billion consumers. Similarly, Chinese companies are eager to tap foreign financing and expertise. Until the recent rule changes allowing overseas producers to own up to 75 percent stakes in Chinese film companies, Sino-foreign productions could only sign on to one movie deal at a time. "Warner 皇冠体育app Film marks a new milestone for the Chinese film industry and demonstrates that it is quickly opening to foreign investment and is ready to take its rightful place in the global entertainment business," Yang Buting, Chairman of the 皇冠体育app Film Group, said. Production budgets will range 12-50 million yuan (1.5-6.0 million dollars) for feature films and 1.7-2.5 million yuan for TV movies. Warner Bros' latest expansion in 皇冠体育app follows plans to build 40 movie
theatres by 2008 through local partnerships as well as a deal with state-run
Chinese Audio Video next month to open video sales and rental shops in leading
cities.
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