Flagship Entertainment Group, a joint venture between Hollywood film studio Warner Bros and China Media Capital(CMC), will produce Chinese-language films for distribution throughout Asia and worldwide. Flagship Entertainment will have offices in both Beijing and Los Angeles.
Flagship Entertainment Group will be 51% owned by CMC, while Warner Bros will own the remaining 49% of the venture. Hong Kong broadcasting company TVB will also own 10% of CMC’s share.
Flagship Entertainment aims to develop, invest in, acquire and produce Chinese language films that will subsequently be distributed in China and throughout the world. Global distribution will be managed by Warner Bros’ network. The Group’s first titles could be released as soon as early 2016.
The partnership comes at a time where the Chinese box office is recording its highest profits in history, raking in over $4.6 billion USD over the Chinese summer. Although Chinese films have traditionally had less success overseas, it is hoped that Hollywood’s involvement will aid in strengthening the global reach of Chinese cinema and encourage the growth of Chinese talent.