China Literature to Acquire New Classics Media for Up to $2.25 B
On August 13, Tencent’s e-book unit China Literature announces that the company is in a deal to acquire New Classics Media for up to 15.5 billion yuan ($2.25 billion). Upon completion of the acquisition, New Classics Media will become China Literature’s wholly-owned subsidiary. As a top film & TV production company in China, New Classics Media has produced such hit films and TV shows as Wu Kong, Never Say Die, Legend of The Demon Cat, The First Half of My Life and Tiger Mom. Read more on Sina Finance
Leading Chinese Producers Unite to Cap Star Salaries and Licensing Fees
On August 11, three leading video platforms, including Youku, iQiyi and Tencent Video, along with six film & TV production companies, including Huace Media, Linmon Pictures, New Classics Media, Daylight Entertainment, Ciwen Media and Youhug Media, jointly announced that they would cap star salaries effectively immediately, which means that actors can make no more than 1 million yuan ($ 145,000) per episode and no more than 50 million yuan ($7.25 million) per show regardless of the number of episodes. In addition, according to WeChat media outlet Entertainment Capital (ID: yulezibenlun), the three video platforms have also decided to pay no more than 8 million yuan per episode for original web series and no more than 50 million yuan for a theatrical film. In the past, video platforms usually pay 10% of a film’s theatrical box office earnings to acquire its online streaming rights. However, several box office hits, including Operation Red Sea, underperformed on streaming sites, which led to the aforementioned decision. Read more on sohu
‘Alpha’ Set for September 7 China Release
American historical drama adventure film Alpha has scored a September 7 China release, according to sources familiar with the matter. Set in the last Ice Age, Alpha follows a young hunter who befriends an injured wolf. The film is produced by Studio 8, which also invested in Ang Lee’s Billy Lynn’s Long Halftime Walk. Director of the film is Albert Hughes and cast members include Kodi Smit-McPhee, Leonor Varela and Jens Hulten. Alpha will be released in Chinese theaters in 2D/3D/IMAX 3D/CGS 3D. Read more on Mtime