Thomas Tull pacts with Kelvin Wu

Thomas Tull’s Legendary Entertainment has formed Legendary East, a standalone entertainment company that will be based in Hong Kong.

Company will produce pics for a global market but that tap into Chinese culture.

Tull is launching the new company with Chinese-born Hong Kong media and finance entrepreneur Kelvin Wu.

Legendary East’s local co-production and distribution partner will also serve as the venture’s strategic shareholder, Huayi Brothers Media Corp., a leading Chinese film conglomerate.

The announcement was made today in Beijing by Tull and Huayi Brothers CEO Wang Zhongjun, and Huayi Brothers president, Wang Zhonglei.

Pics will be developed and produced as co-productions with Huayi Brothers, who will distribute the movies in China, while distribution in all other parts of the globe will be handled by Warner Bros. Pictures, with whom Legendary Entertainment has a long-standing relationship.

Legendary East initially plans on producing one to two tentpoles per year beginning in 2013.

”China is one of the most important economic and culturally significant areas in the world, and we are deeply honored to establish a base in this region to create entertainment that is globally appealing in quality, scale and impact,” Tull said.

Last year, the Huayi Brothers alone contributed 30% of the domestic Chinese film B.O. in China.

The Legendary East senior executive team will be comprised of Tull as executive chairman; Kelvin Wu, as chief executive officer; and Joel Chang, chief financial officer.

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