China Film Co. and China’s Pegasus Media Group have struck a deal to collaborate on a wide range of film and TV projects, including U.S.-Chinese co-productions. Part of their agreement entails the establishment of a $100 million U.S. China production fund.
The deal was inked by CFC general manager Jiang Ping and Pegasus’ Sun Jianjun (aka Jay Sun) at a signing ceremony in Los Angeles today (Nov. 1.) Hollywood executives in attendance included representatives from CAA and Netflix, and officials from the Chinese Consulate General.
The two companies describe the agreement as “strategic.” It spans development, investment, production, promotion and marketing of film and TV projects. Additionally, the two aim to establish a multimedia video production base, an online platform for Chinese films to be seen abroad, and the creation of a joint-venture company CFC Pegasus Film Integrated Marketing.
The fund will involve the two companies and Hong Kong-based private fund company Co-High Investment Management. The fund’s objective is to invest in the development of China-U.S. film projects, through purchase of IP and script rights, screenplay development and down payments for major cast members.
“The investment evaluation criteria of the China-US Film Co-production Project Development Fund are that the film co-production projects must first conform to China’s relevant national policies, the co-produced films can be released in cinemas in the US and worldwide and can also be distributed digitally,” Sun said. “The projects should, to the maximum extent, give considerations to cinema distribution, digital distribution and integrated operations in the Chinese market, ensuring their artistic quality, market value and ROI.”
Film projects expected to receive finance from the fund include: “Edge of the World,” “Super Nova,” “Super Brain,” “Instructions not Included,” “Butterfly Lovers,” and “Water Margin.”
“Edge of the World,” is written by Jacqueline Feather and David Seidler, and has Hawk Koch and Mark Gordon attached as producers. It tells the story of a foreign woman who travels inland from Shanghai and introduces pandas to the western world.
Other projects under consideration include: “General Stilwell,” “Lady White Snake,” “Forbidden City,” “The Last Empress” and “Angel’s List.”
Private-sector conglomerate, Pegasus claims a 23 year track record in Chinese entertainment. Its recent credits include the Leste Chen-directed Chinese remake of Korean comedy drama “Miss Granny.” State-owned, CFC is the leading distributor in China thanks to its role in releasing films imported under the revenue-sharing quota.