An Abu Dhabi channel will work with one of China’s most influential media companies to produce films and train media personnel.
Seems like transactions can’t take place in the China film world lately without a price tag in the hundreds of millions of dollars being attached.
Aside from Monday’s purchase of Voltage Pictures by an Anhui province-based copper company for $350 million, a media company controlled by China’s State Council — similar to China’s Cabinet — will team up with Abu Dhabi’s Image Nation to create a $300 million film fund that will also “train and develop up-and-coming media talent,” Image Nation said in a statement.
The Culture China – Image Nation Content Fund “will invest in commercial film and television programming from Hollywood, China and other countries worldwide. The seven-year Fund has an initial capital base of $100 million, equally committed by Image Nation and China Intercontinental Communication Center (CICC), and will seek other China-based partners in return for limited partnership interests. The fund will be co-managed by Image Nation and CICC.
The deal will also include programming for the Abu Dhabi-based Quest Arabiya television channel, and training in media for talent in the United Arab Emirates and China.
China has been keen on reviving the concept of the Silk Road for political and trade purposes, to extend what it sees as long-standing, historical relationships between itself and countries in Central Asia and the Middle East.
CICC is one of China’s most powerful media companies, with working relationships with some of the world’s top media producers in 30 countries.