×
You will be redirected back to your article in seconds

Chinese Metals Firm Xinke Buys Voltage Pictures for $345 Million

Xinke New Materials, a Chinese metals firm, has acquired an 80% stake in the parent company of Oscar-winning production and sales firm Voltage Pictures.

Reuters reported that the Anhui-based copper processor this year set up a media investments arm Wotaiji International Media. Hong Kong-based Wotaiji is to buy the majority of Midnight Investments, the holding company for Voltage. The sellers are U.S.-based Leone Holdings and Minuit Holdings.

In a regulatory filing Xinke said that it would pay a minimum of $345 million for the stake, with the price possibly rising to $518 million. The deal is expected to close by the end of December.

Headed by Nicolas Chartier, Voltage was producer on both “The Dallas Buyers Club” and “The Hurt Locker.” The filing shows both Chartier and Jonathan Deckter as being required to provide current employment contracts. Chartier is also expected to deliver a non-compete agreement.

Xinke is listed on the Shanghai stock exchange and on Monday had a market capitalization of $1.15 billion (RMB7.79 billion.)

The deal continues the flow of Chinese corporate money into Hollywood studios and high profile U.S. independents. Other recent deals have included the Tang Media purchase of a majority stake in IM Global and Dalian Wanda’s $1 billion acquisition of Dick Clark Productions. The biggest this year was Wanda’s $3.5 billion purchase of Legendary Entertainment.

Metals trading has been a lucrative business sector in China as companies rode a commodities price boom. As those prices eased some firms sought to use their financial position to diversify into other areas.

Lawyers involved in the deal include Brian D. Kilb at Eisner & Jaffe for the Midnight vendors, and Ling Xiao at the Los Angeles-based Zhong Lun Law Firm for Wotaiji. Craig Flores, former Voltage president, brought the deal to Voltage.

More Data

  • Neilsons Measurment Problems TV Digital

    Nielsen Launches Broader Suite of 'Audience-Buying' Products

    Nielsen is working to broaden its measurement offerings in the growing field of what is known in the media business as “audience buying.” The company on Tuesday said it would launch a suite of products that allow advertisers to define particular segments of consumers, a tactic that has gained new traction  among advertisers who have a [...]

  • Streaming, Pay-TV Rivals Drive Growth in

    Streaming, Pay-TV Rivals Drive 8% Growth in Asia Content Spend (Report)

    Production spend by online video companies in East and South Asia grew by some 80% last year, driven by competition between platforms for local series and movies, according to a report. That battle for original content between streaming platforms meant that the online video sector accounted for a 30% share of incremental production investment in [...]

  • Neilsons Measurment Problems TV Digital

    Fox, Turner, Viacom Will Take Part in New Roku Ad-Sales Market

    Roku, Inc. said it unveiled a new methodology for advertisers to use to aim commercials at specific audiences using the streaming-video platform in the United States. “As the industry’s leading TV streaming platform, we’re well-positioned to empower our publishers to unlock the full potential of OTT advertising and help them to meet the needs of [...]

  • Dell Provides Computing Power for VR

    Computing Clout Helps Hollywood Tap Potential of Immersive Content

    While some big-name computer makers spend countless millions on hip marketing campaigns to inspire round-the-block, first-day-of-sale lines for their latest devices, Dell has been quietly positioning itself on the bleeding edge of virtual reality (VR) and augmented reality (AR) technology. In recent months, the Texas-based company has partnered with major studios to provide technology and [...]

  • The Secret Life of Pets

    European Cinema Admissions Hit 1.27 Billion in 2016

    European cinema admissions hit an estimated 1.27 billion in 2016, the highest level in recent decades, according to early estimates from the European Audiovisual Observatory. E.U. member nations accounted for 994 million ticket sales, up 1.6% on 2015’s 978 million and the highest admissions recorded in the E.U. since 2004. The Observatory, which gathers information [...]

  • Veterans Day Movies Hollywood

    Chinese Metals Firm Xinke Buys Voltage Pictures for $345 Million

    Xinke New Materials, a Chinese metals firm, has acquired an 80% stake in the parent company of Oscar-winning production and sales firm Voltage Pictures. Reuters reported that the Anhui-based copper processor this year set up a media investments arm Wotaiji International Media. Hong Kong-based Wotaiji is to buy the majority of Midnight Investments, the holding [...]

More From Our Brands

Access exclusive content