Pinewood Shepperton has entered into a 50:50 Joint Venture Agreement with chinese media company Seven Stars Media to develop business in China.
The joint venture, to be called “Song Lin”, initially will assess a number of business proposals in the growing entertainment market in China. Under the terms of the joint venture, Pinewood will provide expertise with only limited capital investment.
The proposals include providing co-production opportunities for film and television producers, the creation of film and television diploma courses to be delivered by UK educational institutions in Beijing, Tianjin and four other cities, developing production financing and related services for Chinese film and television productions, a series of film themed entertainment venues in Shanghai and regionally, and creating film themed projects in Beijing, Shanghai and Wuhan.
Seven Stars is one of the largest and fastest growing media conglomerates in China, with operating subsidiaries and joint ventures in Hong Kong, Europe, UK and the United States.
Prime Minister David Cameron said: “The creative industries are a rapidly growing area of China’s economy and will increasingly provide huge opportunities for UK companies competing in the global race. Pinewood is leading the way, taking advantage of China’s thriving entertainment and media sector and building on Britain and China’s growing trade relationship.”
Ivan Dunleavy, Pinewood CEO, said: “The joint venture brings together two companies with significant experience and will provide a conduit for film and television productions to maximise their impact in China.”
The Chinese entertainment and media market is worth $137bn and is predicted to grow to $192bn by 2016.