Business
November 26, 2004
Sony pictures unveils China venture
SONY Pictures Television International, a unit of global conglomerate Sony Corp., said Thursday it had formed a television production venture with China Film Group as it took advantage of a recent Chinese regulation that allowed such ventures.
The venture with Hua Long Film Digital Production Co., which is part of the State-owned China Film, will produce Chinese-language programs including sitcoms, drama series and movies.
The Beijing-based venture, named Huaso, was the first to receive approval from the Chinese Government, Sony said in a statement.
Last week, the State Administration of Radio, Film and Television said the country would allow foreign companies to invest in television production business on the Chinese mainland for the first time.
The new rule, due to take effect Sunday, lets foreign investors to own up to 49 percent of ventures producing entertainment programs.
China Film would hold a majority stake in Huaso, Sony said without disclosing a figure.
Zhang Dandan, an industry veteran who was director of Hong Kong-based Sun TV, will be the venture¡¯s general manager.
China Film is the country¡¯s largest film producer and the only company authorized to import foreign films. It has already worked with Sony for years in making and distributing Chinese films for cinema.
The company has about 3,200 employees and operates businesses including a film studio, a movie channel on State broadcaster China Central Television¡¯s network and a cinema chain.
For Sony, the venture is part of a larger strategy to boost its production capabilities in Asia, where it will also produce TV programs in India, Japan, Indonesia and Thailand.
With China¡¯s opening of the television industry, global media groups have been jostling to expand production and distribution in the promising market.
Viacom Inc.¡¯s MTV has expanded the reach of its 24-hour channel in Guangdong Province and announced plans to produce children¡¯s programs with Shanghai Media Group and entertainment programs with Beijing Television.
Its rival Walt Disney Co. has also been reportedly in talks with Shanghai Media and Guangdong-based Southern Media Corp. to produce TV programs.
Source: Shenzhen Daily-Agencies
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