Beijing, China & Los Angeles, California, USA. May 30, 2013 - Legendary East and China Film Co., Ltd. have signed a groundbreaking, multi-year co-production agreement to jointly produce tentpole-scale films for the global filmed entertainment market. China Film Co., Ltd. is the largest producer and distributor of Chinese content, and it signed this deal with Legendary East today in Beijing. This agreement marks the first time China Film Co., Ltd. has signed a long-term, multi-picture production deal with a Chinese or international partner. A majority of China Film Co., Ltd. shares are owned by the China Film Group (CFGC). The signing was officiated today at a ceremony in Beijing by Legendary Entertainment Founder and Chief Executive Officer Thomas Tull, and Han Sanping, Chairman of China Film Co. Ltd.
The first slate of pictures developed out of this historic deal will be announced over the coming months, with each film specifically planned as a U.S.-China co-production. The agreement also calls for the two companies to fund the development and production of multiple pictures over an initial three-year term.
Sanping stated: "We are very much looking forward to working with Legendary East and are impressed by their strong achievements to date. There can be no doubt that this is one of the most important collaborations for CFGC in the coming years. We believe that through strong collaboration between CFGC and Legendary East, we will be able to make films that are more appealing to filmgoers, creating new genres that, through the magic of film, bring greater variety to audiences around the world."
"We truly value the opportunity to work with China Film Co., Ltd., a leader in the vital Chinese motion picture marketplace," said Tull. "We look forward to combining our very complementary strengths to serve the global entertainment market."
Legendary East Chief Executive Officer, Peter Loehr added: "Partnering with China Film Co., Ltd. allows us to collaborate on projects from the earliest stages, and create true co-productions with unique worlds, elements and stories that universally speak to audiences."
According to the Motion Picture Association of America, China is now the top theatrical market outside of North America, generating an estimated $2.7 billion in ticket sales in 2012.
The deal was negotiated by Zhao Haicheng, Mao Xiaotian, Kang Xiaoze and Deng Meng on behalf of China Film Co., Ltd. and Legendary East CEO Peter Loehr, Legendary and Legendary East's General Counsel Martin Willhite on behalf of Legendary East.