Monday, September 27, 2010

Chinese Entertainment Co. Buys Share In Legendary Pictures

Legendary Pictures, the co-producers (with Warner Bros.) of the new American-made Godzilla movie (due to be released in 2012) are now partly owned by a Chinese entertainment company.

The Hollywood Reporter reports:

BEIJING -- It's finally happened: a Chinese entertainment company has bought a piece of Hollywood.

Though Chengtian Entertainment is a subsidiary of Hong Kong-listed Orange Sky Golden Harvest Entertainment, the company that on Monday bought a 3.3% share of "Inception" producers Legendary Pictures of Los Angeles is Beijing-based and focused squarely on China's booming entertainment market.

After months of speculation that a cash-rich Chinese bidder, or one from Bollywood, might pick up a debt laden Hollywood property such as MGM, Chengtian CEO Chen Xiaowei, formerly president of Nasdaq-listed The9 -- one of China's largest online gaming companies -- called Chengtian's partnership with hit-factory Legendary a "match built in heaven."

"Chengtian and Legendary will produce and distribute films in China and around the world and also produce and distribute games," Chen told The Hollywood Reporter before boarding an airplane to meet Legendary founder Thomas Tull for the first time.

It appears the acquisition of a 3.3% share in Legendary Pictures is hoped to pay off for the Chinese at the cash register. Ka-ching!

To read the full article, go here.

1 comment:

  1. Good news. This means Legendary's GODZILLA will likely get distribution in China without any red tape hassles, ensuring the film a much bigger global gross.



Burbank, CA – March 29, 2010 – Legendary Pictures announced today that they will develop and produce a new film based on Toho Company’s famed GODZILLA character. Through the terms of the agreement, Legendary Pictures has acquired the rights to produce a movie inspired by Toho’s Godzilla, a franchise the Japanese company created and has nurtured for over fifty years.

Toho’s GODZILLA franchise boasts one of the most widely recognized film creatures worldwide, resulting in a series of books, television programs, video games and more than 25 films worldwide. Legendary intends to approach the film and its characters in the most authentic manner possible. The company will, in the near future, announce a filmmaker to helm the film for an intended 2012 release. The film will fall under the company’s co-production and co-financing deal with Warner Bros. Toho will distribute the film in Japan."

"Godzilla" is coming back -- this time, with Legendary Pictures taking the lead, co-producing and co-financing with Warner Bros. for release in 2012.

Legendary announced Monday it had obtained rights to the iconic monster character from Japan's Toho Co., which has overseen more than 25 "Godzilla" films. Toho will release the pic in Japan.

Legendary said it's planning to announce a director shortly.

In addition to Legendary, producers on the new film will be Dan Lin, Roy Lee and Brian Rogers. Yoshimitsu Banno, Kenji Okuhira and Doug Davison will exec produce.

"Godzilla is one of the world's most powerful pop culture icons, and we at Legendary are thrilled to be able to create a modern epic based on this long-loved Toho franchise," said Thomas Tull, Chairman and CEO of Legendary. "Our plans are to produce the Godzilla that we, as fans, would want to see. We intend to do justice to those essential elements that have allowed this character to remain as pop-culturally relevant for as long as it has."

Legendary noted the film will fall under its co-production and co-financing deal with Warner Bros. Legendary's productions with Warners have included "The Dark Knight," "300" and "The Hangover."

Speculation about a new "Godzilla" has been active since last summer. The Bloody Disgusting web site reported in August that the project was in development.