The Chinese film giant is launching a wholly owned stateside subsidiary to invest in movie and TV production, distribution and marketing. Huayi Brothers is spending $130 million on the unit, which will help expand its overseas business and strengthen ties to foreign film and TV companies, according to Chinese media reports. The company’s Huayi International plans to pump an additional $80 million into the venture. No details yet on staffing or slates from the U.S. venture. The company revealed its plan in a filing with the Shenzhen Stock Exchange today.
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