The remake of the science-fiction film “Tekken” is now possible, thanks to China’s business platform, Financing City Network (FCN), who has allotted $300 million for a 10-picture slate of Chinese and U.S. titles.
The three-way deal inked at Cannes also involves the SP Intl. Pictures (SPIP), through veteran Hollywood producer Steven Paul ("Ghost Rider," "Tekken"), and East & West Culture Media Co.
The films included in the roster, including the Chinese remake of "Opposite Days," are expected to be released in the next three years.
Based on the agreement, FCN will shoulder 70 percent of the budget in the films that will be co-produced with China, while SPIP and East and West will serve as the lead producers. The latter two will also provide financial resources for the remaining 30 percent.
Moreover, FCN will also co-finance around 90 percent of the U.S. properties' remakes that will be brought by the SPIP and East & West.
For the film's North American sales, Paul's SP Releasing will be responsible. A partner of his firm, Sony Pictures Home Entertainment may manage the homevideo, digital windows and theatrical both in North American and other global regions.
In any other cases, third-party sales agents may be tapped to represent sales.
East & West, presided by Chinese media entrepreneur Sky Liang, also has international partners including Swiss producer Francesco Julliand, British producer Christopher Milburn, and Chinese media business player Rocky Wang.
According to Julliand, the company "is able to open up the platform to projects and third-party sales companies such as Sierra/Affinity or IM Global."
Meanwhile, FCN is regarded as the business-to-business version of the e-commerce giant Alibaba, as it provides business and finance matching services for both small and med-sized enterprises.