Warner Brothers Entertainment and investment firm China Media Capital (CMC) are forming a joint venture to develop Chinese-language movies for the international market, they said in a statement on Sunday.
The joint venture called Flagship Entertainment Group Ltd is being launched ahead of Chinese President Xi Jinping's official visit to the United States next week and underscores the growing influence of China movies around the world.
"The country's incredibly rich history and culture provide a huge trove of great stories, and we want to help tell those stories for new generations of filmgoers, in China and around the world," Kevin Tsujihara, Chairman and CEO, Warner Bros said in the statement. Warner Bros is part of Time Warner Inc.
For Hollywood studios, the allure of the Chinese box office has become increasingly difficult to resist.
While box office receipts in the United States and Canada combined fell five percent last year to $10.4 billion compared with 2013, box office receipts in China jumped 34 percent to $4.8 billion in the same period, according to the Motion Picture Association of America Inc.
China is on course to set a new record this year - box office receipts were $3.3 billion in the first half of 2015.
The first titles bearing the new imprint could be released as early as 2016, the statement added.
Flagship will marry expertise of Hollywood's largest studio with China's investment and operational platform dedicated to media and entertainment industry. It will be owned 51 percent by CMC and 49 percent by Warner Bros.
Hong Kong broadcaster TVB, as part of CMC consortium, will have a 10 percent stake in the venture, the statement added.
Flagship plans to develop and produce a wide range of films for distribution throughout China and around the world, utilising Warner Bros' global film distribution network. "This partnership with Hollywood's most iconic studio will bring Warner Bros' deep experience in creative storytelling and unparalleled expertise in producing global titles to China's film industry," CMC founder and chairman Ruigang Li said.
Local language film production is the cornerstone of China's
booming entertainment business. "As Chinese cinemagoers continue to embrace both domestic and international movies ... total box office is on track to surpass $10 billion annually in the next four years," the statement added.
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