“It is also an apparent effort to boost quality and novelty of home-made movies,” the official said.
The Shanghai group, previously viewed as part of the local propaganda machine, has capabilities in film, animation and documentary production.
Chief executive Ren Zhonglun wants to turn the company into a commercial success amid fierce competition from domestic rivals such as Wanda and Huayi Brothers Media.
In the third quarter, Viacom said its third-quarter earnings were hurt by the underperformance of Paramount’s Teenage Mutant Ninja Turtles: Out of the Shadows.
The studio’s cash infusion emerges as Chinese firms have shown increasing interest in investing in Hollywood.
Last year, Dalian Wanda spent US$3.5 billion to buy a controlling stake in US film studio Legendary Entertainment. Other Chinese firms that have put money into Hollywood include Fosun International, which invested in Studio 8 – a production company started by former Warner Brothers executive Jeff Robinov.
Huahua has partnered with Paramount on several films, including Transformers: the Age of Extinction and Star Trek Beyond. Shanghai Film Group, which is one of the largest cinema chains in China, was an investor in Jack Reacher: Never Go Back.
ceus for sleep medicine By Courtesy of BBC