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Tag: Ruigang Li

  • Warner Bros & China’s CMC ink joint venture to make films

    Warner Bros & China’s CMC ink joint venture to make films

    MUMBAI: In anticipation of Chinese President Xi’s state visit to the United States, China Media Capital (CMC) and Warner Bros. Entertainment have inked a joint venture to deepen the cultural exchange between the two countries.

     

    They joint venture company called Flagship Entertainment Group Limited will develop and produce a slate of Chinese-language films, including global tentpoles, for distribution around the world, including China.

     

    Flagship Entertainment will be owned 51 per cent by CMC – with Hong Kong broadcaster TVB holding 10 per cent of the CMC-led consortium – and 49 per cent by Warner Bros.

     

    The new entity will combine the expertise of Hollywood’s largest studio with China’s preeminent investment and operational platform dedicated to media and entertainment. Flagship Entertainment’s goal is to capitalize on the rapidly growing market for premium content globally, particularly in China, and the increasing demand for high-quality Chinese-language movies around the world.

     

    Warner Bros chairman and CEO Kevin Tsujihara said, “We look forward to working with CMC in this exciting new venture, as we gain additional insight into the Chinese film industry. Warner Bros. has a proud legacy of making great movies, and we’re excited to share that expertise with our colleagues in China. The country’s incredibly rich history and culture provide a huge trove of great stories, and we want to help tell those stories for new generations of filmgoers, in China and around the world.”

     

    CMC founding chairman Ruigang Li added, “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. This partnership with Hollywood’s most iconic studio will bring Warner Bros.’ deep experience in creative storytelling and unparalleled expertise in producing global titles to China’s film industry. It will also further CMC’s commitment to building a premier platform for making films that resonate with both Chinese and worldwide audiences, helping to enhance the cultural exchange between China and the rest of the world.”

     

    The new company will be headquartered in Hong Kong, with offices in Beijing and Los Angeles. 

     

    Flagship plans to develop, invest in, acquire and produce films for distribution throughout China and around the world, utilizing Warner Bros.’ global film distribution network. The first titles bearing the new imprint could be released as early as 2016. 

     

    This creative collaboration between US and China filmmaking partners also allows for the exchange of technical expertise and the development of young Chinese talent for years to come, combining Warner Bros.’ technical and creative knowledge base with CMC and TVB’s access to local talent and market expertise.

     

    Local language film production is the cornerstone of China’s booming entertainment business. As Chinese cinemagoers continue to embrace both domestic and international movies, theatre owners are adding thousands of new screens each year, and total box office is on track to surpass $10 billion annually in the next four years.

  • Imax forms 10 film fund with China Media Capital

    Imax forms 10 film fund with China Media Capital

    MUMBAI: Continuing to expand its footprint in the Chinese market, Imax Corporation has created the Imax China Film Fund with its subsidiary Imax China and China Media Capital, to help fund a minimum of 10 tentpole films in Mandarin.

     

    The China Film Fund, which will be capitalized at up to $50 million initially, will target productions that can leverage the Imax brand, relationships, technology and release windows, with the flexibility to produce Imax and non-Imax content, and develop original films or co-finance studio productions.

     

    Led by CMC founding chairman Ruigang Li, China’s prominent media and entertainment focused investment fund, acquired a 10 per cent interest in Imax’s China subsidiary in 2014.

     

    The intent of the China Film Fund is to leverage favorable current trends in the Chinese market, strengthening the Imax brand and capitalizing on relationships across studio, exhibitor and local distribution partners, as well as content creators. The Fund also is meant to support an existing slate of successful Chinese Imax DMR product including such past titles as The Monkey King and Dragon Blade, and leverage CMC’s experience within China’s content-creation industry.

     

    “For more than a decade, Imax has strived to be and continues to work toward being a part of the Chinese entertainment ecosystem,” said Imax CEO Richard L. Gelfond from Shanghai, where he delivered a keynote address at the Shanghai International Film Festival.

     

    “This fund is the next step in that evolution as it allows us to join with our good partner CMC and work closely with the country’s top filmmakers to bring to Chinese audiences and to export to international audiences top-quality Mandarin content,” Gelfond added.

     

    “CMC has witnessed, and been part of, the exciting development of China’s film industry through this most dynamic time with a series of strategic investments. We are determined to continue this effort, and we believe that by teaming up with our partners such as Imax, which has world-class industry leading technology and an extensive global network, we will be able to create a technology-driven force that is unique and immensely helpful to China films’ realizing their full potential in the global market,” added CMC chairman Li.

     

    “Imax is committed to continuing our growth in China and meeting the rising demand of Chinese audiences for premium content. Coupled with the significant expansion of the Imax theatre network in China, totaling more than 205 Imax screens to date, the establishment of this Imax China Film Fund points directly to our pledge to help grow the Chinese film market,” said Imax China CEO Jiande Chen.

     

    Through the Fund, Imax China and CMC will be able to provide new digital content to theatres throughout China, as well as to select theatres in Imax’s global network. The Fund will target contributions of between $3 million and $7 million per film, and will operate under an Imax-CMC greenlight committee. The Fund is also in discussions with additional investors.

  • FremantleMedia inks JV with Shanghai Media Group

    FremantleMedia inks JV with Shanghai Media Group

     

    MUMBAI: FremantleMedia has inked an exclusive joint venture deal with Shanghai Media Group’s (SMG) BesTV and China Media Capital (CMC). Under the JV, the companies will create and develop entertainment formats for the China market, set to reach millions of viewers on Dragon TV and BesTV platforms, and take proprietary China content to the world market through FremantleMedia’s global distribution network.

     

    Based in Shanghai, the bespoke development team will include international experts and local producers and will draw on FremantleMedia’s creative strength to develop original entertainment IP. Outside of mainland China, FremantleMedia International will represent the newly-created IP through its worldwide distribution network. 

     

    FremantleMedia global CEO Cecile Frot-Coutaz said, “The Chinese television market is rapidly becoming one of the most important in the world. This new relationship with BesTV, SMG and CMC allows FremantleMedia to build on its existing presence in China and strengthen our ties in this territory. It brings with it the opportunity for FremantleMedia to showcase its world-renowned creativity to millions of new viewers, with content that is made specifically for them.”

     

    CMC founding chairman Ruigang Li added, “China’s TV sector is undergoing the most exciting transformation, and the value of premium content is being created and manifested with unprecedented enthusiasm. CMC is delighted to team up with SMG and FremantleMedia, a global leader in entertainment content, to bring together the profound understanding of the market, the established creative capacity and the strength of a global network to further shape the China TV landscape and take more of China’s original content to the world market.”

     

    SMG president Madame Wang Jianjun said, “We envision BesTV to be a new media conglomerate after the restructuring and China’s foremost OTT service provider. It will build a new media eco-system in which BesTV straddles over content production, distribution channels, and products and services. As format and idea development is a key part in content production, the joint venture will undoubtedly bring the best resources from all the companies together and gives a strong boost to BesTV. The collaboration will give SMG the wonderful opportunity to learn how to create good ideas and how to grow these ideas into formats and productions. It will greatly enhance SMG’s production capacity and help SMG make phenomenal variety shows in the future.”

     

    FremantleMedia Asia Pacific CEO Ian Hogg added, “This is a ground breaking deal, not only for Best TV, SMG, CMC, and FremantleMedia, but for Chinese audiences. The opportunity to create and execute story telling that focuses on Chinese values and tastes blended with western structure and creativity is a very powerful combination.”

     

    FremantleMedia has already forged strong relationships with a number of China’s broadcasters and has licensed around 20 titles, including Got Talent, Idols, The X Factor, Don’t Stop Me Now, Take Me Out Hole in the Wall and Family Feud.