Co. takes $3.3% stake at $25 mil
Legendary Pictures is forming a partnership with Hong Kong-based Orange Sky Golden Harvest that’s aimed at starting ventures in China.
The deal includes a $25 million investment by Orange Sky in exchange for a 3.3% stake in Legendary.
Monday’s announcement by Orange Sky came in a regulatory filing on the Hong Kong Exchange and characterized the alliance as exploratory and gave no details about specific projects.
Under the deal, Orange Sky also gains the right to one seat on Legendary’s board of directors. The 6-year-old Legendary said the deal allows topper Thomas Tull to diversify beyond filmed entertainment to other mediums not excluding digital, television and videogames.
Legendary raised $1 billion in 2007 to co-finance films with Warner Bros., which has led to partnerships on “Inception,” “Clash of the Titans,” “The Dark Knight,” “300” and “The Hangover.” It’s developing feature versions of “Warcraft,” with Sam Raimi attached to direct; “Godzilla”; and “Mass Effect,” based on Electronic Arts and BioWare’s videogame franchise.
Orange Sky Golden Harvest, previously known as Golden Harvest, has produced and financed over 600 movies since inception in 1970. It operates 29 multiplexes in China, Hong Kong, Taiwan and Singapore.