Fosun International (00656.HK) said on Monday that it will invest in an independent US film studio that will make about five movies a year, the Wall Street Journal reported.
The Shanghai-based conglomerate has decided to back Studio 8, a Los Angeles-based venture being set up by Jeff Robinov, the former film chief at Warner Brothers, the report said.
Fosun didn’t disclose the size of its investment, but said it will have “significant influence” over the distribution of Studio 8 movies in China, Hong Kong, Macau and Taiwan.
Fosun has apparently stepped in after word emerged that Robinov’s planned deal with another Chinese firm, Huayi Brothers Media Corp., was on hold.
Huayi had previously said it planned to invest up to US$150 million in Studio 8. That deal is no longer expected to happen, the Journal reported last week.
Fosun is now expected to be Studio 8′s primary partner in China, a person with knowledge of the deal told the paper.
Studio 8, whose plans include some big budget “event” films, expects to have combined equity and debt of about US$1 billion, according to the report.
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