Warner Bros. has inked a joint-venture deal with China Media Capital to co-produce a slate of Chinese-language films, the companies said Sunday.
The announcement of the joint venture, to be called Flagship Entertainment Group Ltd., comes just ahead of Chinese President Xi Jinping’s first state visit to the United States this week. Flagship will be 49% owned by Warner Bros., while CMC will hold 51% (Hong Kong broadcaster TVB will hold 10% of the Chinese stake).
The company will have offices in L.A., Beijing and Hong Kong, and plans to “develop, invest in, acquire and produce a wide range of films for distribution throughout China and around the world,” the companies said in a statement.