Business / Companies

Huayi focuses on Hollywood deals for five movies a year

By Huang Ying (China Daily) Updated: 2014-03-07 08:17

Huayi Brothers Media Corp, one of China's leading entertainment conglomerates, is in talks with other investors about financing films produced by Jeff Robinov, the former film chief at Warner Bros Entertainment Inc. [Photo by Wu Changqing/ Asianewsphoto]

Huayi Brothers Media Corp, one of China's leading entertainment conglomerates, is in talks with other investors about financing films produced by Jeff Robinov, the former film chief at Warner Bros Entertainment Inc, according to a media report.

Robinov, who served as president of the company's Warner Bros Pictures Group from 2007 to 2013, plans to set up a production company that would turn out about five movies a year with funding from Beijing-based Huayi and other potential investors, The Wall Street Journal reported on Wednesday.

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Sony Pictures Entertainment Inc will most likely release these movies, according to people familiar with the deal, the report said.

If a deal is reached, it would be the largest of its kind in years and the most significant investment by a Chinese enterprise in Hollywood.

Wang Duan, assistant to Wang Zhongjun, the chairman of Huayi, told China Daily that details of the deal aren't clear yet and that "only the boss" can answer questions.

An official statement will be released when the deal closes, the assistant said.

"The proposed cooperation is in line with the general trend of Hollywood moviemakers striving for a better showing in the world's second-largest film market.

"Likewise, the Chinese parties want a deeper involvement in the global film business," said Peng Kan, research and development director of the Beijing-based consultancy company Legend Media.

Chairman Wang told the China Securities Journal recently that he wants to take Huayi further along the path to development as an international player starting this year, engaging more with Hollywood industry players.

Huayi has been seeking more clout in Hollywood for quite some time.