A Chinese state-backed group has formed a joint venture with Ingenious Media, which has invested in movies such as Avatar and Life of Pi, to co-produce independent films in a deal worth $200m.
The joint venture comes as Chinese groups scour Hollywood for media acquisitions, and is the first tie-up between a Chinese and UK company since a co-production treaty between the two countries was signed in 2014 to encourage film investment.
The deal between Ingenious and Hejing Culture, a group backed by the Chinese government and private investors, would give Ingenious a "great level of access to content distribution in China”, said Neil Forster, chief executive of Ingenious Media.
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