The Lionsgate-Hunan TV partnership is one of the several film ventures set by a number of Chinese film companies. (Photo : The Hollywood Reporter)
Various Chinese film companies have teamed up with Hollywood by sending out capital simultaneous with the fast growth being constantly recorded by the country's film market.
On March 16, Huayi Brothers Media Corp. has sealed an agreement with the United States' STX Entertainment regarding the co-production and distribution of at least 18 films until the end of 2017.
Huayi Brothers Media Corp. is China's biggest private film company.
A day later, Lionsgate revealed that it has inked a three-year partnership with Hunan TV and Broadcast Intermediary. The Chinese firm's subsidiary, TIK Films, is set to co-finance the Lionsgate feature films for the next three years.
As what the Hollywood Reporter publicized, the deal's film financing will amount to $375 million.
Lionsgate CEO John Feltheimer remarked that the deal reflects their "strategy of teaming with entrepreneurial partners to expand [their] global operations in key markets while underscoring [their] commitment to a business model that mitigates risk."
"We look forward to joining hands in creating a feature film pipeline filled with some of the most commercially exciting movies in the world as well as exploring other strategic opportunities throughout our complementary film and television businesses," Hunan TV chairman Qiu Yunlong enthused.
Another giant film company in the country, Bona Film Group, also unveiled its partnership with Studio 9 and Tristar for the production of "Billy Lynn's Long Halftime Walk," which will be helmed by Oscar-winning director Ang Lee.
In Oct. 2014, LeTV's film production branch, LeVision Pictures, has established a fund worth $200 million as part of an upcoming Los Angeles-based subsidiary.
According to film market analyst Liang Yong, the capital outbound flow of the Chinese filmmaking industry could help in the exportation of the locally produced quality films.
Liang said: "To Hollywood, the most valuable asset in China is its film market and capital, especially its production companies. To export Chinese films, we can start by investing capital outbound and cooperate on filming foreign-language films. In order to bring Chinese films onto the bigger stage, we should learn more from filmmakers in Hollywood."
As a support to this analysis, vice dean of Peking University's Institute of Cultural Industries, Chen Shaofeng, remarked: "In strengthening cooperation with Hollywood, we can draw from their contents and business models to gradually push forward globalization of domestic films."
