USD100 million US-China co-production film fund coming courtesy of China Film Co. and Pegasus Media Group
A new business partnership between China Film Co. and Pegasus Media Group will bring about a US-China co-production fund to the tune of USD100 million. Other ventures included in the partnership are a streaming service dedicated to broadcasting Chinese films and TV series abroad.
The deal between the two companies was made during a private gathering in Los Angeles where a number of high-profile industry figures were in attendance, including representatives for Netflix and the Creative Artists Agency.
Among the first films to access the fund are Super Nova, Black Stallion in China and Jacqueline Feather and David Seidler’s Edge of the World.
Sun Jianjun, the signatory on behalf of Pegasus Media Group explains: “the investment evaluation criteria of the China-US Film Co-production Project Development Fund are that the film co-production projects must first conform to China’s relevant national policies, the co-produced films can be released in cinemas in the US and worldwide and can also be distributed digitally. The projects should, to the maximum extent, give considerations to cinema distribution, digital distribution and integrated operations in the Chinese market, ensuring their artistic quality, market value and ROI.”
Partially derived from the Hong-Kong based company Co-High Investment Management, the fund will invest in productions by purchasing the script and other components while providing down payments for on-screen talent.
News of the co-production fund appears just over two weeks after Wanda Group announced a 40% tax rebate for productions that use its studio facilities in Qingdao. Wanda Studios currently has 15 sound stages and will be twice the size of Universal Studios upon its completed expansion in 2018.
With 2015 being a record year for international films at the Chinese box office, the desire for more US-China co-productions is greater than ever before. The Wall Street Journal noted this week that China’s restriction on the number of international films screened each year has gradually relaxed, having taken in a total of 38 films in 2016, four higher than the supposed limit.
Wanda Studios will be exhibiting at FOCUS 2016 at the Business Design Centre in London, ready to provide detailed information regarding the rebate and their facilities to attendees.
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