Chinese Entertainment Co. Buys Share In Legendary Pictures
Legendary Pictures, the co-producers (with Warner Bros.) of the new American-made Godzilla movie (due to be released in 2012) are now partly owned by a Chinese entertainment company.
The Hollywood Reporter reports:
BEIJING -- It's finally happened: a Chinese entertainment company has bought a piece of Hollywood.
Though Chengtian Entertainment is a subsidiary of Hong Kong-listed Orange Sky Golden Harvest Entertainment, the company that on Monday bought a 3.3% share of "Inception" producers Legendary Pictures of Los Angeles is Beijing-based and focused squarely on China's booming entertainment market.
After months of speculation that a cash-rich Chinese bidder, or one from Bollywood, might pick up a debt laden Hollywood property such as MGM, Chengtian CEO Chen Xiaowei, formerly president of Nasdaq-listed The9 -- one of China's largest online gaming companies -- called Chengtian's partnership with hit-factory Legendary a "match built in heaven."
"Chengtian and Legendary will produce and distribute films in China and around the world and also produce and distribute games," Chen told The Hollywood Reporter before boarding an airplane to meet Legendary founder Thomas Tull for the first time.
It appears the acquisition of a 3.3% share in Legendary Pictures is hoped to pay off for the Chinese at the cash register. Ka-ching!
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