UPDATE: The announcement was made today in Beijing by Tull and Huayi Brothers CEO Wang Zhongjun, and Huayi Brothers President, Wang Zhonglei. Legendary East’s films will be developed as co-productions with Huayi Brothers, who will distribute the movies in China. Distribution in all other parts of the globe is anticipated to be handled by Warner Bros Pictures, because of its longstanding relationship with Legendary Entertainment. Legendary East initially plans on producing one to two event-style films for worldwide audiences annually beginning in 2013.
The announcement also marks Legendary Entertainment’s formal entrance into the Chinese marketplace. According to Tull’s statement, Legendary East will be led by an experienced management team with significant experience working with Hollywood studios as well as with Western and Chinese entertainment companies. The Legendary East senior executive team will be comprised of Thomas Tull, Executive Chairman; Kelvin Wu, Chief Executive Officer; and Joel Chang, Chief Financial Officer.
Huayi Brothers Media alone contributed 30% of the domestic Chinese film box office in China in 2010 (17% of the overall domestic B.O.). Established in 1994, it is the leading integrated entertainment conglomerate in China and has produced 43 films since 1998. It successfully went public in Chinese A-share market in 2009, becoming the “first stock” of Chinese entertainment industry. Huayi Brothers has nine integrated branches including film, teleplay, artist agency, music, cinema, video game, entertainment marketing, cultural tourism and new media. But film remains its core business.
PREVIOUS: I’ve learned that Thomas Tull is in Beijing now to make the announcement of the new Hong Kong-based company, which will be a separate standalone venture from his U.S.-based Legendary Entertainment. The new company will produce English-language feature films and related content for a worldwide audience in conjunction with the Huayi Brothers who now become shareholders as well as local production and distribution partners. Legendary East Ltd will have Chinese management and international investors as well as Legendary Entertainment’s experience producing and financing films. (more…)