China’s Huace Raising $300 Million for U.S. Investment, Buys Stake in Magic Leap

Zhejiang Huace, one of China’s most ambitious entertainment groups, says it is raising $303 million (RMB 2 billion) which it will plow into expansion in the U.S. Among its upcoming North American moves is acquisition of a small stake in Magic Leap, a virtual reality company that is pioneering wearable technology as well as developing content.

The new funding takes the form of a fixed rate corporate bond issue with a maximum five year span.

In separate moves the company said that it will establish funds for further VR investment and new media.

Magic Leap has been one of the most secretive companies in the fast-moving VR sector – and one of the most successful at attracting top tier strategic backing. These have included Google, Legendary Entertainment, Alibaba, Warner Bros., and Qualcomm.

Solid roots in the Chinese TV business and a series of deals have propelled Huace to the forefront of Chinese media players at home and abroad. The company has its own stock quote but also counts on backing from Baidu, China’s leading Internet search firm. Huace has business relationships with “Batman” producer Michael Uslan and a joint venture with Los Angeles- and Sydney-based film sales and financier Arclight.

In November it struck a development and production deal with 20th Century Fox’s local language filmmaking unit Fox International Productions.

In the TV space it has a deal with global formats giant Keshet International.

In late 2014 Huace invested in Korean film distributor Next Entertainment World (N.E.W.), a relationship that it solidified a year later with a joint production venture.

More Biz

  • Kevin Durant LeBron James

    Kevin Durant Praises LeBron James' Lakers Move

    Zhejiang Huace, one of China’s most ambitious entertainment groups, says it is raising $303 million (RMB 2 billion) which it will plow into expansion in the U.S. Among its upcoming North American moves is acquisition of a small stake in Magic Leap, a virtual reality company that is pioneering wearable technology as well as developing […]

  • Kevin Durant Rich Kleiman

    Kevin Durant Shares His Media Biz Playbook at Variety Sports & Entertainment Breakfast

    Zhejiang Huace, one of China’s most ambitious entertainment groups, says it is raising $303 million (RMB 2 billion) which it will plow into expansion in the U.S. Among its upcoming North American moves is acquisition of a small stake in Magic Leap, a virtual reality company that is pioneering wearable technology as well as developing […]

  • David-Zaslav-Discovery Sun Valley Conference

    A Look at Key Trends Facing Media and Tech Companies Ahead of Q2 Earnings

    Zhejiang Huace, one of China’s most ambitious entertainment groups, says it is raising $303 million (RMB 2 billion) which it will plow into expansion in the U.S. Among its upcoming North American moves is acquisition of a small stake in Magic Leap, a virtual reality company that is pioneering wearable technology as well as developing […]

  • Spotify logo is presented on a

    Spotify Launches Feature to Help Artists, Labels Submit Music to Playlists

    Zhejiang Huace, one of China’s most ambitious entertainment groups, says it is raising $303 million (RMB 2 billion) which it will plow into expansion in the U.S. Among its upcoming North American moves is acquisition of a small stake in Magic Leap, a virtual reality company that is pioneering wearable technology as well as developing […]

  • Comcast

    Comcast Drops Out of Bidding War With Disney for 21st Century Fox Assets to Focus on Sky

    Zhejiang Huace, one of China’s most ambitious entertainment groups, says it is raising $303 million (RMB 2 billion) which it will plow into expansion in the U.S. Among its upcoming North American moves is acquisition of a small stake in Magic Leap, a virtual reality company that is pioneering wearable technology as well as developing […]

More From Our Brands

Access exclusive content