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A Chinese entertainment firm yesterday said it will offer US$250 million in financing to United States movie studio Universal Pictures, the latest deal to turn the spotlight on the country’s Hollywood ambitions.
Beijing-based Perfect World Pictures will invest in Universal’s films for the next five years, it said in a statement to the Shenzhen Stock Exchange where it is listed.It will also share global revenue for at least 50 co-financed movies with Universal, which is behind film franchises such as “Jurassic Park” and “The Fast and the Furious.”
Perfect World is best known in China for producing TV shows, but is also behind domestic films like the 2009 comedy “Sophie’s Revenge” featuring well-known Chinese actresses Zhang Ziyi and Fan Bingbing.The Chinese firm called the deal a step in building a “comprehensive” entertainment group and expanding its film business globally.
Chinese companies are ramping up investment in the foreign entertainment industry, as the country seeks to boost its “soft power.”Last month, Wanda Group signed a US$3.5 billion deal to buy Hollywood studio Legendary Entertainment, said to be China’s biggest-ever cultural takeover.
In September, private equity firm China Media Capital unveiled a venture with US entertainment giant Warner Bros to develop films.
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