China Media Capital (CMC) and Warner Bros. Entertainment announced on Sunday that they will set up a joint venture named Flagship Entertainment Group Limited to develop Chinese and English-language movies for the international market.
Headquartered in Hong Kong, with offices in Beijing and Los Angeles, Flagship Entertainment will be owned 51 percent by CMC, with Hong Kong Broadcaster TVB holding 10 percent of the CMC-led consortium, and 49 percent by Warner Bros. Entertainment.
Flagship plans to develop, invest in, acquire and produce a range of Chinese-language and global tent poles, for distribution throughout China and around the world. The first titles bearing the new imprint could be released as early as 2016.
This collaboration between China and U.S. filmmaking partners allows for exchanges of technical expertise and the development of young Chinese talents for the years to come, combining Warner Bros. ' technical and creative knowledge base with CMC and TVB's access to local talents and market expertise.
CMC, founded and chaired by Li Ruigang, is one of the most prestigious names in the investment and operation of media and entertainment in China and global markets. CMC has created and grown a number of champions and emerging leaders in the sectors of media and entertainment, Internet and mobile, and life style to cover film, television, music, sports, location-based entertainment, financial media, financial data service, online- video, smart TV, advertising, social network, game, online- education and e-commerce, among others.
Warner Bros. Entertainment Inc. is a global leader in all forms of entertainment and their related businesses across all current and emerging media and platforms. A Time Warner Company, the fully integrated, broad-based studio is home to one of the most successful collections of brands in the world and stands at the forefront of every aspect of the entertainment industry from feature film, television and home entertainment production and worldwide distribution to DVD and Blu-ray, digital distribution, animation, comic books, video games, product and brand licensing, and broadcasting.
As a concrete progress in China-U.S. cultural exchange and cooperation, the announcement is made days ahead of the scheduled state visit of Chinese President Xi Jinping, who will visit the United States on from Sept.22 to 25.
