China Media Capital (CMC) and Warner Bros. Entertainment are teaming up on a joint venture, Flagship Entertainment Group Limited, to develop Chinese and English-language movies for the international market, the two firms announced on Sunday.
As a concrete move in China-U.S. cultural exchange and cooperation, the announcement is made days ahead of the scheduled state visit of Chinese President Xi Jinping, who will visit the United States on from Sept.22 to 25.
Targeting at the rapidly growing market for premium content and the increasing demand for high-quality Chinese language movies around the world, the new entity will combine the expertise of Hollywood's largest studio with China's preeminent investment and operational platform, according to the announcement.
Headquartered in Hong Kong, with offices in Beijing and Los Angeles, Flagship will have full access to the well-established legal and financial systems in Hong Kong and Hollywood, as well as a wealth of filmmaking talent stemming from the long-standing film, television and creative industries of these regions.
"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," said Li Ruigang, Founding Chairman of CMC.
"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," Li added.
"We look forward to working with CMC in this exciting new venture, as we gain additional insight into the Chinese film industry," said Warner Bros. Chairman and CEO Kevin Tsujihara.
"Warner Bros. has a long history of making great movies, and we are 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," he said.
Flagship Entertainment will be owned 51 percent by CMC, with Hong Kong Broadcaster TVB holding 10 percent of the CMC-led consortium, and 49 percent by Warner Bros.
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. The first titles bearing the new imprint could be released as early as 2016.
