Saturday, March 30, 2013

Another Potential Chinese Outbound Investment in the Film Industry

Jiang Yanming, the Beijing-based president of China Lion and one its three principal investors, has been reported as tied to a bid to acquire Rhythm & Hues through another company in which he has an interest, Brave Vision.
Rhythm & Hues, which won an Oscar for its pioneering effects work for Ang Lee's "Life of Pi," filed for bankruptcy protection under Chapter 11 of the federal bankruptcy code last month after laying off 250 employees.
Jiang's group has surfaced as a lead contender to buy the company in a bankruptcy auction overseen by the court. If an agreement is reached and approved by the U.S. Bankruptcy Court, it would mark the latest high-profile deal in Hollywood involving a Chinese company.
Last year Chinese media company Dalian Wanda Group acquired AMC Entertainment, US's second-largest theater circuit, for $2.6 billion. Also last year, China's Galloping Horse Media partnered with India's Reliance MediaWorks to acquire Digital Domain, the Venice-based studio co-founded by director James Cameron.  

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