Galaxy Weiying Receives Additional Investment
Galaxy Weiying Entertainment, the Hong Kong-based investment vehicle that last week revealed a stake in Paramount’s “Ghost in the Shell,” has received an additional cash injection.
The capital has come from family-controlled Huang’s Entertainment. The value of the injection was not disclosed.
Galaxy Weiying is a joint venture between Beijing Weiying Technology, one of China’s leading online ticketing firms, and investor Johnny Hsu. Gary Locke, former U.S. Ambassador to China, is an adviser to the fund. Hsu heads Lead Capital, a mergers and acquisitions boutique.
Weiying has moved upstream into film production and investment and aims to make use of its massive access to big data from its cinema-booking services and relationships with other companies, including messaging platform WeChat. In the summer of last year it launched Chinese production company Nextainment. With a more international investment outlook, Galaxy Weiying was established in December.
Galaxy Weiying says that it will also leverage its distribution and marketing channels to help promote foreign films with their releases in China.
The deal to invest in “Ghost in the Shell” does not give it rights in China, but entitles it to 10% of worldwide revenues.
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