You will be redirected back to your article in seconds

To departing Milky Way

Director to pay $3.3 mil for 2 subsidiaries

HONG KONG — “Election” helmer Johnnie To is going his own way.

The director is planning to buy his way out of Milky Way Image, the stock market-listed company that he owns a part of. He will pay HK$26 million (US$3.3 million) for two subsidiaries Milkyway Image Hong Kong and Luminous Star and take with him his own production team, facilities and production schedule.

The listed group plans to continue producing films through subsidiaries Inspire Film Distribution and Point of View Movie Production, which are both wholly owned subsidiaries of Milkyway Image and are headed by Dennis Law Sau-yiu.

The split needs approval from independent shareholders at an extraordinary general meeting and once approved the listed company will change its name to Brilliant Arts Multi-Media Holding Ltd.

Company says the four subsidiaries have long been run as two separate teams with different supervision and that To’s consistently notched up high overhead costs. Disposal of To’s loss-making portion therefore isn’t expected to disrupt Brilliant Arts’ business.

“(The soon to be renamed company) considers the overhead of Milkyway Image Hong Kong and Luminous Star Ltd. has been at a consistently high level, which has been causing concern,” Milky Way said. “It may not be cost effective to maintain (them) within the group of the company.”

Trading of shares was suspended on April 24 and resumed Friday.

More Film

  • Issa Rae and LaKeith Stanfield

    Issa Rae, LaKeith Stanfield to Star in Romantic Drama 'The Photograph'

    Issa Rae and LaKeith Stanfield will star in Universal’s “The Photograph,” sources tell Variety. Stella Meghie will direct and Will Packer will produce for his eponymous production company. The romantic drama centers on intertwining love stories in the past and present, which Meghie will executive produce in addition to writing and directing. Will Packer Productions’ [...]

  • Aaron Paul attends the 2019 Sun

    Aaron Paul, Chelsea Handler and Meg Ryan Topline Sun Valley Film Fest

    Aaron Paul is an Idaho boy at heart. The three-time Emmy winning star of “Breaking Bad” and producer and actor on Nickelodeon’s bawdy, subversive animated series “Bojack Horseman” currently makes his home in Los Angeles, but Paul was born in Emmett, a sleepy city about 30 miles outside of Boise, and escapes to the spud [...]

  • Writers Guild Blasts CAA, WME for

    Writers Guild Blasts Talent Agencies CAA, WME for 'Soaring' Profits

    The Writers Guild of America has singled out Hollywood’s largest talent agencies, William Morris Endeavor and Creative Artists Agency, for allegedly soaring profits. The WGA, in an acrimonious negotiation over proposed new rules about how agencies represent writers, issued a report called “agencies for sale” on Monday morning — a few hours before a fifth [...]

  • MGM logo

    MGM Hires Robert Marick to Expand Consumer Products

    Metro Goldwyn Mayer has hired industry veteran Robert Marick as executive VP of global consumer products and experiences. In his new role, Marick is responsible for overseeing the expansion of MGM’s traditional merchandise, interactive and consumer products business. He’s also developing a global strategy with a focus on core consumer products licensing, digital and gaming, [...]

  • Robert Iger and Rupert Murdochcredit: Disney

    Wall Street Applauds as Disney Nears Finish Line on Fox Acquisition

    Wall Street is rooting for Disney as the media giant reaches the finish line this week in its 15-month quest to acquire most of Rupert Murdoch’s film and TV empire. Fox shareholders, on the other hand, are being a little more cautious. Disney is poised to close the $71.3 billion deal that took many twists [...]

  • Personal Tales From Hong Kong, China

    Personal Tales From Hong Kong and China Among the Asia Film Financing Forum Projects

    A brace of personal tales from China and Hong Kong are among the 23 projects vying for attention at the 17th Hong Kong Asia Film Financing Forum. Liu Miaomiao is a rare female ethnic Hui Muslim filmmaker. She came to international prominence with 1993’s “Chatterbox” that won the President of the Italian Senate’s Gold Medal [...]

More From Our Brands

Access exclusive content