Fosun goes to Hollywood with Studio 8 investment

Shanghai-based conglomerate Fosun International said on Monday it would take a stake in new US media company Studio 8, marking a rare investment by a Chinese firm in Hollywood. The deal was signed on June 6, Fosun said in a statement, without giving the size of the stake or the price paid. Studio 8 was founded by Jeff Robinov, a Warner Bros. executive for 17 years until he left after reportedly losing an internal competition to become its chief executive. Privately-owned Fosun is a diversified conglomerate with interests ranging from pharmaceuticals to mining. Cooperation would include bringing Hollywood-style film-making to China and introducing ‘Chinese elements’ into co-productions with Studio 8, the statement said. Fosun said it has previously invested in Chinese media firms, but the deal was its first with Hollywood. In another Chinese investment in the movie industry, property group Wanda bought US cinema chain AMC Entertainment for $ 2.6 billion in 2012. Wanda chairman Wang Jianlin, China’s richest man in 2013, later hosted Hollywood stars to unveil plans to build a film studio in eastern China. China was the world’s second largest box office worth $ 3.6 billion last year, behind only North America, according to the Motion Picture Association of America, according to AFP.