September 28, 2010

China Buys a Slice of Hollywood

Orange Sky Golden Harvest Entertainment Holdings, the year old merger of famed Hong Kong movie studio Golden Harvest and Orange Sky Holdings of Beijing, will buy a 3.3% stake of Legendary Pictures of Burbank, California. Legendary will get $25 million and the Chinese will get to appoint a Board member. Legendary Pictures has a "strategic partnership" with famous American movie studio Warner Brothers and co-produced this year's summer smash "Inception" and previous hits such as "The Dark Knight."

The two companies will work on Chinese language films, online games, and film distribution in China. American movies are hugely popular in China and last year's WTO ruling may help pry open the door to a big market for a uniquely American product....

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