×

China’s Fosun Looking at Sale of Studio 8 Stake (Report)

Chinese conglomerate Fosun International may be exploring options for disposing of its stake in the Jeff Robinov-headed Studio 8.

In a report Tuesday in Asia citing unnamed sources, Bloomberg said that Fosun is considering the future of its holding in Studio 8. The news agency said that Fosun has not held formal talks with suitors, and that its options include continuing to hold on.

In an emailed response to Variety, Fosun denied the Bloomberg report. “Fosun is very supportive and continues to be committed to Studio 8 as a long-term strategic shareholder,” a Fosun spokesman said. “We look forward to the future release of its two new titles.”

The Bloomberg sources suggested that Fosun attributes $1 billion valuation to the holding. The company owns 80% of Studio 8’s A Class shares, which in turn holds 60% of the economic interest in the company. Differential voting rights mean that Fosun does not have management control.

Started in 2014 with backing from Sony and Fosun, Studio 8 has released only one feature film of note, the Ang Lee-directed “Billy Lynn’s Long Halftime Walk.” It has two films scheduled for release in 2018, “White Boy Rick” and “Alpha.”

Fosun was among the Chinese companies leading an overseas acquisition boom that stretched from 2012 to 2016, before the capital outflow was stanched by government intervention. Fosun acquired stakes in Cirque du Soleil, Club Mediterranee and English soccer club Wolverhampton Wanderers, as well as a large property portfolio and a collection of insurance companies.

In comparison with Dalian Wanda, Fosun appears less constrained by the Chinese regulatory controls. In recent weeks, Fosun has sold a property development in Sydney, Australia, and bought a stake in the Tsingtao brewery. It has also been linked to a possible acquisition of Italian lingerie manufacturer La Perla.

Popular on Variety

More Biz

  • Former movie producer Harvey Weinstein (L)

    Harvey Weinstein to Be Arraigned on New Indictment

    Harvey Weinstein is set to appear in court on Monday for an arraignment on a new indictment, the Manhattan D.A.’s office said Thursday. Prosecutors announced last week that they would seek a fresh indictment, which would allow actress Annabella Sciorra to testify at Weinstein’s trial. The move came after Justice James Burke ruled on Aug. [...]

  • AI Technology David Beckham

    How AI Tech Is Changing Dubbing, Making Stars Like David Beckham Multilingual

    David Beckham does not speak Arabic, Hindi or Mandarin. But when the soccer legend starred in a PSA for malaria awareness this spring, he effortlessly switched among these and six other languages, thanks to cutting-edge technology that could soon change how Hollywood localizes its movies and TV shows. The PSA in question was produced with technology [...]

  • Eminem’s Publisher Sues Spotify, Claiming Copyright

    Eminem’s Publisher Sues Spotify, Claiming Massive Copyright Infringement

    Eminem’s publishing company Eight Mile Style filed a major copyright infringement lawsuit against Spotify late Thursday, claiming that the streaming giant has no license to host about 250 of Eminem’s songs, while also taking aim at the Music Modernization Act, the federal law enacted last year to improve royalty payments for songwriters. The news was [...]

  • iQIYI headquarters building in Beijing

    China’s iQIYI in Talks for Indonesia Expansion

    Chinese streaming firm iQIYI is in negotiations to expand further into Southeast Asia through a venture with Indonesia’s Media Nusantara Citra. iQIYI announced its first step outside Chinese-majority territories in June, when it revealed a linkup in Malaysia with pay-TV leader Astro. It also operates in Taiwan. In April, the company said that it planned [...]

  • Spotify logo is presented on a

    Spotify Triples Free-Trial Period on Premium Service

    Spotify today extended the free-trial period for its Premium service from one month to three, tripling the amount of time listeners can take full advantage of the streaming giant’s offerings without paying for them. According to the announcement, the offer is “always-on/not limited time,” and will roll out across Spotify Premium plans globally: Individual and [...]

  • The Ringer Promotes Sean Fennessey, Mallory

    The Ringer Promotes Sean Fennessey, Mallory Rubin to Top Editorial Roles

    Mallory Rubin and Sean Fennessey have been promoted to top editorial posts at The Ringer, the pop culture and sports website and podcast network. Fennessey has been named chief content officer and Rubin has been named editor in chief. Both editors have been with The Ringer since it launched in 2016. Fennessey previously served as [...]

More From Our Brands

Access exclusive content