China’s Wanda Group Wants Hollywood Partner For Grand Investment Plans: Report
We will have to see how this works out. India’s Reliance Entertainment made first-look deals five years ago with a coterie of stars and their companies to generate films with Brad Pitt, George Clooney, Nicolas Cage, Brett Ratner, Chris Columbus, Jay Roach, Jim Carrey, Julia Roberts, Playtone’s Tom Hanks and Gary Goetzman, and Ron Howard and Brian Grazer’s Imagine Entertainment. Each was a seven-figure commitment from Reliance, which has nothing to show for its investment.
Wanda’s proposed investment dwarfs the $800 million Seven Stars Media Private Equity fund launched early last year by Sun Media Group’s Bruno Wu and Harvest Fund Management to back entertainment ventures in China and globally. Hollywood is paying attention because of the vast potential of showing its films in China, which is building theaters at a strong rate for a pop culture-hungry population.