- Huayi to invest $250 million in film production business
- Chinese firm to own 60% stake, with Russo brothers owning rest
Huayi Brothers Media Corp. will set up a venture with the directors of the "Captain America" movies to produce and invest in English-language films as Chinese companies expand their presence in to Hollywood.
Huayi, which produced Jackie Chan’s action feature "Dragon Blade," will invest $250 million in the venture to help fund its operations and film production, the Chinese company said in a statement to the Shenzhen stock exchange on Monday. Huayi will own 60 percent of the venture, while sibling directors Joe Russo and Anthony Russo will hold the rest.
The move builds on Huayi’s expansion beyond China as the company teamed up with STX Entertainment last year to jointly make movies, including this year’s Mila Kunis comedy "Bad Moms." Chinese companies are increasingly moving into Hollywood, with billionaire Wang Jianlin buying Legendary Entertainment this year.
"Captain America: Civil War" has raked in more than $1.15 billion in ticket sales globally, making it the year’s top box-office earner worldwide, according to figures compiled by IMDb.com Inc.’s Box Office Mojo.
Huayi will appoint three of the venture’s five board members and will have exclusive distribution rights for Greater China and southeast Asia, according to the agreement.