Famed British Studio In Deal With Chinese Media Firm
The British studio Pinewood Shepperton is joining the caravan of Hollywood studios rolling into China. It announced today (Wednesday) that it is setting up a 50/50 joint venture with China's privately operated Seven Stars Media Ltd. to explore the possibility of developing a wide variety of film and TV projects throughout China. The Chinese market for content is the fastest growing in the world, noted Pinewood chief Ivan Dunleavy. Each company is reportedly contributing $1 million to the start-up, but their eventual contributions could rise exponentially during development if they go ahead with plans to implement several business proposals, including providing co-production opportunities, developing production financing for Chinese films and establishing a series of film-themed entertainment venues in Shanghai and regionally. In a statement, Pinewood Shepperton cautioned, however, that it principally plans to contribute expertise with limited capital investment. The agreement was hailed by British Prime Minister David Cameron, who said in a statement: The creative industries are a rapidly growing area of China's economy and will increasingly provide huge opportunities for U.K. companies competing in the global race. Pinewood is leading the way.