Film, TV unit unloads 21% to Chinese investor
Hong Kong film and TV group Mei Ah Entertainment has sold a 21% stake in movie production shingle Big Media to a Chinese investor.
Deal, for which Brandon Wen Rui Feng pays HK$80 million ($10.3 million), sees Mei Ah’s remaining interest in the company fall to 2.3%.
Big Media, which has made losses of under $1 million in each of the past three years, became a 44%-owned subsidiary of Mei Ah in March last year following a Big Media share placing that seemed to set the company as Mei Ah’s leading movie supplier.
“After the disposal, Mei Ah will continue to support Big Media by acquiring their titles for our TV channels and distribution. In addition, we shall continue representing Big as its worldwide distribution agent,” said Patrick Tong, Mei Ah managing director.
Mei Ah will be representing certain Big Media titles as its international sales rep at the upcoming European Film Market in Berlin.
Shares in both companies resumed trading on the Hong Kong stock markets on Friday.