Hollywood-China production venture raises $220M
Hollywood production house Legendary Entertainment and a Chinese studio have raised $220.5 million for the joint venture they’ve set up aimed at China’s increasingly lucrative film market.
Legendary and Huayi Brothers Media Corp. said in a statement late Sunday that they’re selling a 50 percent stake in the venture, Legendary East, to Hong Kong construction company Paul Y. Engineering.
Legendary Entertainment has produced hits including “The Dark Knight,” “Inception” and the two “Hangover” movies.
The Hong Kong-based joint venture, which was announced in June, plans to make one or two “major, event-style films” a year for worldwide audiences starting in 2013.
The partnership allows Legendary Entertainment to bypass Chinese import restrictions that effectively limit the country to about 20 foreign blockbusters a year.