Chinese company to give Dick Cook Studios $500m for movies
BEIJING (AP) — A private film company in eastern China has agreed to invest at least $500 million in the studio of former Walt Disney boss Dick Cook to make movies to be distributed worldwide.
The deal is the latest tie-up between Hollywood and Chinese companies as China offers overseas producers more investment opportunities and both look to increase their presence in each other's film industries.
Los Angeles-based Dick Cook Studios and Film Carnival, a film producer and distributor located in Zhejiang province, announced the deal in a statement Tuesday.
Film Carnival will finance 100 percent of the movies developed, produced, distributed and marketed by Dick Cook Studios.
Former Walt Disney Studios chairman Cook established his company last year with a $150 million investment from a unit of state-owned conglomerate CITIC Group.