Magazine article Screen International

Huayi to Invest $130M in US Subsidiary

Magazine article Screen International

Huayi to Invest $130M in US Subsidiary

Article excerpt

Beijing-based Huayi Brothers Media Corporation is investing $130m in a wholly-owned subsidiary in Los Angeles.

In a statement to the Shenzhen Stock Exchange, Huayi Brothers said the new company would handle investment, production, distribution and marketing of films and TV content. It will also be involved in mergers and acquisitions of overseas companies.

Huayi Brothers added that the subsidiary would contribute to the company's global expansion, help grow its domestic (ie Chinese) business and increase its overall revenue. The investment is subject to regulatory approvals.

The news comes shortly after Huayi Brothers apparently withdrew from a deal to invest $120m in Jeff Robinov's Studio 8. China's Fosun International later stepped up with $200m to finance the fledging studio, which recently also closed a financing and distribution deal with Sony. …

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