Citic Group's filmmaking arm is investing in the startup Dick Cook Studios, which is founded by former Walt Disney Studios chairman Dick Cook. (Photo : Reuters)
Citic Guoan, the largest industrial unit of one of China’s biggest conglomerates, Citic, is reportedly investing $150 million to the formation of Dick Cook Studios, as stated by Cook himself.
Cook, the former chairman of Walt Disney Studios, revealed that his Los Angeles-based film company will delve on the development, production, distribution and marketing of animated and live-action movie titles.
Dick Cook Studios will also venture on digital, television, stage as well as other entertainment platforms.
"This has been quite a journey for all of us as it takes time to find the right people you want to be in business with," Cook shared during a Beijing Film Market signing ceremony.
The announcement coincides with the ex Walt Disney executive's birthday.
Cook remarked in a statement: "I am thrilled to formally announce the launch of Dick Cook Studios. Our mission will always be to provide the very best in family entertainment inclusive of all generations, which inspires, engages, excites and always contributes positively not only to our communities but to the world at large."
Movie enthusiasts can expect for more as Cook hinted that his firm "will have many more announcements in the coming weeks and months as [his and his supporters'] long standing plans come together."
Cook also pointed out that Citic Guoan's investment is a "significant building block" in helping his firm reach its vision.
"China is very important to us because of its rich history and culture," Cook enthused, adding, "we look forward to telling quality stories for the entire family that will live on from generation to generation and we know this will live on."
Citic Guoan's total assets to date amount to $15.53 billion.
Meanwhile, Citic Guoan's chairman, Li Shilin, said during the signing ceremony: "China has huge potential for the film market and we have great momentum going forward. Citic Guoan is dedicated to the development of the culture industry. We plan to invest $3.23 billion in developing the industry."
"With Mr. Cook and his highly respected team, we are guaranteed that every segment of our cooperation will be of the highest standards. They appreciate and understand traditional Chinese culture, and they look forward to telling Chinese stories that will play to families across the globe. We both believe that cultural works in spreading love and positive energy is the world's eternal theme," Li added.
