China Media Capital and Warner Bros. have unnounced a plan to produce a series of tentpole Chinese-language movies.
The deal was announced on the eve of Chinese president Xi Jinping’s state visit to the U.S. We will see the two companies establish a joint venture company Flagship Entertainment. this new partnership will be headquartered in Hong Kong, with offices in Beijing and Los Angeles.
The deal was just announced by Li Ruigang , founding chairman of CMC, and Kevin Tsujihara, chairman and CEO, Warner Bros.
Flagship will be owned 51% by CMC—with Hong Kong broadcaster TVB holding 10 percent of the CMC-led consortium—and 49% by Warner Bros.
“Flagship plans to develop, invest in, acquire and produce a wide range of films for distribution throughout China and around the world, utilizing Warner Bros.’ unrivalled global film distribution network. The first titles bearing the new imprint could be released as early as 2016,” the partners said in a statement. “This creative collaboration between U.S. 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.”
CY Leung, who is Chief Executive of Hong, met both management teams earlier this year and was quick to welcome the establishment of Flagship. “I and the current-term government attach great importance to cultural and creative industries in Hong Kong… This collaboration highlighted that the cultural and creative industries in Hong Kong have international flavour. Thanks to a high degree of openness, capability of external co-operation, an edge in language ability and close ties with the outside world on community levels, Hong Kong has an unique advantage in collaboration in international scientific research and art and culture.”