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China’s Huayi Brothers, STX Entertainment Finalize 18-Film Co-Financing, Distribution Agreement

| Apr 04, 2015 07:27 AM EDT

Huayi Brothers inks an 18-film co-financing and distribution venture with STX Entertainment.

China’s Huayi Brothers, the leading film and television company in the country, formally finalized and inked a deal with STX Entertainment, agreeing to co-finance and distribute 18 film titles.

The shareholder approval of the company’s directors at a Wednesday meeting in Beijing marks one of the prime investments of a Chinese firm to a Hollywood-based studio film company.

Representatives from Manatt, Phelps & Phillips, LLP, led by Lindsay Conner comprised the team negotiating for Huayi Brothers.

The recently formalized agreement serves as a breakthrough deal for the country’s largest private-sector film company. The Huayi Brothers recently experienced two previous partnerships that did not prosper.

A much-anticipated deal with Legendary Entertainment in 2013 and a 2014 $100-120-million venture with Jeff Robinoy’s Studio 8 both failed to materialize.

Despite the downfalls, siblings Wang Zhongjun and Wang Zhonglei are still adamant to secure a market share in the U.S. film business. The company has already invested in a number of individual film titles to date. These include “Fury” (Sony), “Mortdecai” and “John Wick” (Lionsgate).

Huayi Brothers was also able to set up a subsidiary in the U.S.

Meanwhile, STX Entertainment, which was launched last year, made headlines after amassing veteran film executives such as Adam Fogelson, former Universal chairman, and Oren Aviv, a top-calibre marketing executive.

STX is set to release a psychological thriller, “The Boy and The Secret in Their Eyes,” top-billed by Nicole Kidman, Julia Roberts and Chiwetel Ejiofor.

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