Chinese Cultural Industry Investment Fund and Warner Bros. jointly established "Flagship Pictures"

The Chinese Cultural Industry Investment Fund and Warner Bros., the largest film company in Hollywood in the United States, jointly announced that they will jointly fund the establishment of "Flagship Entertainment Group"(English name "Flagship Entertainment Group"), headquartered in Hong Kong.

As President Xi Jinping embarks on a state visit to the United States, China and the United States have made the latest progress in the field of cultural exchanges. As a positive result of this visit, the Chinese Cultural Industry Investment Fund, the most influential cultural media investment and operation institution in China (abbreviated as "Chinese Culture" or "CMC") Today and Warner Bros., the largest film company in Hollywood in the United States (Warner Brothers) jointly announced that the two parties will jointly fund the establishment of "Flagship Entertainment Group"(English name "Flagship Entertainment Group"), headquartered in Hong Kong, with business branches in Los Angeles and Beijing, jointly develop and produce Chinese-language films and English-language films, distributed to the global market.

"Mutual benefit and win-win results for the global market is the direction of cooperation that Chinese and American film institutions will actively explore in the future." Li Ruigang, chairman of Chinese Culture, said,"China's film entertainment market is showing explosive growth, and the international film market's interest in China themes is also growing. Through cooperation with Warner Brothers, Chinese Culture will combine the creative R & D experience, production and distribution system and technical operation means of world-class blockbusters with China culture, talents and market to create an innovative platform for China films facing the world."

"We look forward to working with Chinese Culture under this new joint venture structure, which will help us better understand the growing China film industry." Warner Bros. Chairman Kevin Kevin Tsujihara said: "Warner Bros. is a film production company with a long history and produces excellent works frequently. We are very willing to share our experience with our partners in China. Chinese culture has a long history and is extensive and profound, providing a huge treasure house of stories for our film creation. We hope that through our efforts, we can tell the story of the East to the younger generation of film lovers in China and even around the world."

The flagship film industry was jointly funded by Chinese Culture and Warner Bros., and is 51% controlled by a consortium led by Chinese Culture, with Warner Bros. holding 49%. Among them, Hong Kong Television Broadcasts Limited (TVB) holds 10% of the shares of the Chinese Cultural Foundation. The new joint venture is headquartered in Hong Kong and has business branches in Los Angeles and Beijing. It will develop, invest and produce a series of mainstream Chinese-language films and the world's top blockbusters, which will be distributed to China and around the world through Chinese culture and Warner Bros. distribution network. It is expected that the first film produced by the new company will be released as soon as 2016.

Flagship Pictures is a strategic cooperation that spans China and the United States and integrates film resources in Hollywood in the United States, China Hong Kong and the mainland. It is also a substantive result of people-to-people exchanges between China and the United States. It will help promote the industrialization and systematization of Chinese films, deepen talent exchanges and learning between the two sides, produce and distribute high-quality Chinese-language masterpieces and international blockbusters, and meet the needs of Chinese and global audiences for high-quality content and Chinese stories.

About Chinese Culture (abbreviated as "CMC")

Chinese Culture was founded by Li Ruigang and serves as chairman, abbreviated as "CMC" in English. It is China's most influential comprehensive investment and operation platform focusing on the media, entertainment and cultural industry. It faces the global market and has multiple investment institutions and operating entities in RMB and US dollars. Chinese Culture's industries cover three major fields: media and entertainment, Internet and mobile, and lifestyle. It has created and promoted a large number of industry-leading companies in key segments such as film, television, animation, performing arts, music, sports, financial media, Internet TV, advertising, ticketing, e-commerce, online games, and online education., mobile video social, financial data, cultural real estate, and O2O. Its companies have produced TV variety shows "The Good Voice of China","Good Songs of China","Outstanding China", the movie "Kung Fu Panda", the TV series "No War in Peking","The Pretender","Nirvana in Fire", as well as the Broadway musical "Something Rotten" and the drama "Hand To God", which won the Tony Award for American Drama and multiple nominations this year.

About Warner Bros.

Entertainment, Inc. Its business scope includes all entertainment-related fields, covering various platforms and entire services of traditional media and new media. It is the world's leading comprehensive entertainment company. As a subsidiary of Time Warner, Warner Bros. owns the world's most successful entertainment brand, leading the world in the fields of film and television, home entertainment, DVD and Blu-ray global distribution, digital distribution, animation, games, product and brand licensing, radio and television. Successful films produced by Warner Bros. in recent years include "Harry Potter","Lord of the Rings","The Hobbit","Batman","Matrix","Inception","Gravity","American Sniper","Hangover", etc.

Editor: yvonne