Chinese media fund to invest $800 million in Hollywood productions

PanARMENIAN.Net - The Hollywood majors and tentpole productions are among the future investment partner targets for a heavyweight Chinese media fund created by China's Harvest Alternative Investment group and Sun Redrock Investment Group, according to Hollywood Reporter.

The $800 million-fueled private equity fund, the Harvest Seven Stars Media Fund, aims to invest in studio projects with an eye to bringing them to the wider Asian market and mainland China.

Redrock Investment Group, founded by Chinese media entrepreneur Bruno Wu, and Harvest are currently ironing out deals with "major filmmakers and filmed entertainment providers" to invest in English and Chinese language content both for Asia and with the global box office potential.

Wu, speaking on a video conference call with Hong Kong and London, said he expects to be able to detail deals with Hollywood producers and filmmakers "within the next 30 days or so."

The fund, currently "within sight" of raising the $800 million, aims to invest in Hollywood and beyond, according to Wu. One of the main factors in investing in Hollywood output will be that the projects are "roundly acceptable to Asian audiences," Wu said.

He cited current movies such as Paramount's Mission: Impossible - Ghost Protocol and the Sherlock Holmes franchise from Warner Bros. as being the sort of tentpole the fund would be interested in investing in.

The fund will operate in three distinct areas - mergers and acquisitions, distribution in Asia and movie content either through equity investment in companies or operating capital investment - and aims to make its first investments in May this year.