China’s Alibaba Pictures Group and Tencent Holdings have led a RMB 2.5B ($360M) funding round in Bona Film Group, valuing the leading Chinese production and distribution outfit at $2.2B. The investment is designed to help the company expand. It also comes following Bona’s delisting from the … Read entire story.
Source: Deadline
Last month, Chinese copper processing outfit Anhui Xinke New Materials announced its entry into Hollywood in a big way — moving to acquire an 80% stake in Midnight Investments, the owner of Nicolas Chartier’s Voltage Pictures. Today, that deal is off the table. In a filing to the Shanghai … Read entire story.
Source: Deadline
Adding his voice to the chorus of Beltway insiders concerned by China’s ambitions in the United States — and Hollywood in particular — incoming Senate Minority Leader Chuck Schumer has penned a letter suggesting further scrutiny of recent moves by Dalian Wanda Group and others to acquire U.S. companies. … Read entire story.
Source: Deadline
Southwestern China city Chongqing is set to invest RMB 15B ($2.17B) to build a film and television industry development including studio space, tourist town, theme park, training center and offices. State news agency, Xinhua, reports the park will be based in the mountainous Wulong County (whose Wulong Karst National … Read entire story.
Source: Deadline
China’s National People’s Congress Standing Committee on Monday adopted a film industry law which, among other measures, promises to be tough on box office fraud by doling out steep fines and suspensions. It also seeks to promote “core socialist values” and prohibits local groups from cooperating with … Read entire story.
Source: Deadline