Local businessman Gou Tai-chiang is poised to buy a majority stake in Taiwan’s oldest and largest film studio, the temporarily shuttered Central Motion Picture Corp.
In taking over the studio from China Times Group, which acquired CMPC in late 2005, Gou expressed a strong interest in starting film production again under CMPC’s banner, although there are no pics on its slate so far.
Local press reports pegged the purchase price at $94 million.
Deal may still face scrutiny from politicians, who have questioned the China Times Group’s original acquisition of CMPC from the Kuomintang (KMT), one of the island’s major opposition political parties. Politicos raised questions about the sale price, which some believed to be far below market value.
The KMT sold the studio and other assets as part of a pledge to relinquish its media holdings. In February, the China Times Group shuttered CMPC’s studios and print processing labs, laid off employees and cleaned the company’s slate.
Studio counts among its hits Ang Lee’s “The Wedding Banquet.” Company also handles film exhibition and distribution.