China's first fully funded Hollywood movie is made possible by a partnership with Dick Cook Studios. (Photo : Getty Images)
China's money floods into Hollywood through former Disney executive Dick Cook's relatively new production firm that scored a $500-million deal with Hangzhou-based company Film Carnival.
Last week, The Hollywood Reporter unveiled the agreement between Film Carnival and Dick Cook Studios that will begin with the production of the movie adaptation of John Flanagan's best-selling series, "Ranger's Apprentice."
"We are thrilled to be working with Mr. Lou and his dynamic team at Film Carnival. They are not only visionaries in strategic financing but in the future of entertainment," Cook said in a statement.
Cook deemed the Chinese firm as their "perfect partner" because they have a similar goal of "telling great stories for the entire family to be enjoyed across the globe."
The agreement also included an option that would allow "other Chinese investors [an] opportunity to invest in Dick Cook Studios motion pictures on an individual basis."
In a recent report from the outlet, THR revealed a couple of things about Cook's half-billion-dollar financiers, including the fact that it is run by two brothers, Lou Xiaolou and Lou Xiaodong.
The Lou brothers serve as the company's chairman and president, and are well-versed in running a business.
Established in 2006, the company, also known as the Jia Shi Nian Hua which means "the Golden Times of Fine Viewing/Entertainment," has yet to produce its very own film.
However, in 2015, the company returned to scene after agreeing to produce three Chinese-language films from directors Jeffrey Lau, Tony Ching and South Korean star Kim Ki Duk.
What is more interesting about the Lou Brothers' company is that the funds they use for these projects--as well as for Dick Cook Studio's upcoming movies--all come from private equity funds that they manage via Huafeng Investment Consultancy.
Also, aside from supporting the traditional entertainment industry, the Film Carnival will also team up with computer network infrastructure and information service industries enterprise CITIC Guoan to establish pan-entertainment centers known as the "film culture experience entertainment centers."
This, says THR, will include new up-market entertainment facilities including cultural centers, movie theaters, VR technology centers, hotels, and gyms in some of China's top cities like Hangzhou, Shanghai, Guangzhou, Shenzhen and Beijing.
