Fosun invests in U.S. Studio 8

2014-06-23 09:57:34 GMT2014-06-23 17:57:34(Beijing Time)  Xinhua English

SHANGHAI, June 23 (Xinhua) -- Shanghai conglomerate Fosun International said Monday that it has agreed to invest in U.S. film producer Studio 8, founded by Jeff Robinov, former president of Warner Bros.

Fosun did not reveal the amount of the investment or the size of the stake.

This latest move by Chinese capital to enter Hollywood comes after Wanda's purchase of AMC Entertainment Inc. and Beijing Galloping Horse Media's acquisition of visual effects company Digital Domain.

In a filing to Hong Kong Exchanges and Clearing Ltd, Fosun said "the company is optimistic about the prospects of the Chinese film industry".

China is now the second-largest film market after the United States, with a box office exceeding 21.7 billion yuan (about 3.5 billion U. S. dollars) in 2013.

"Through the transaction, the company hopes to introduce Hollywood's advanced and sophisticated film making expertise and technique, movie concept and technology and complete production and publication systems in the China market, in order to drive the development of the Chinese film industry," Fosun said.

"The company will continue to integrate the world's leading film and entertainment resources to build a global culture platform encompassing movies, entertainment, cultural consumption and media networks through mergers and acquisitions and equity investments," it said.

Fosun added that it will exercise significant influence over the distribution arrangements of movies produced by Studio 8 in the Chinese mainland, Hong Kong, Macao and Taiwan.

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