Dick Cook Studios Secured $500 Million Production Funding from Chinese Movie Company Film Carnival
Dick Cook Studios (DCS), which belongs to American film entertainment executive previously the Walt Disney Studio's chairman Dick Cook, has just secured $500 million fund from China's Film Carnival. The financing fund is the Film Carnival's commitment to fully finance movies produced by the film studio.
Under the financing deal, DCS will be responsible for the development, production, worldwide distribution and marketing of the movies. Both the companies arranged a joint announcement from Cook himself, and Lou Xiaolou, chairman of Film Carnival Co. Ltd based in the Zhejiang province.
The first film to be produced under the deal is to be "Ranger's Apprentice" from director Paul Haggis and his daughter Alissa Sullivan Haggis. It's based on a fantasy novel series written by Australian author John Flanagan. The series have 12 titles in total, which have sold more than 8.5 million copies around the world. Variety reported that the pic is set to begin production in the fall. As a part of the deal, DCS will also provide assistance for Film Carnival to produce their own motion pictures in China.
According to The Los Angeles Times, Dick Cook's venture with Film Carnival is the latest in a series of notable partnerships between Hollywood firms and Chinese investors, ever since such deals have attracted Western entertainment companies when seeking new sources of capital and access to China's massive movie market. China has the second largest movie market in the world. On the other hand, Chinese companies have also benefited by gaining access to Western expertise on film and TV business.
Previously, other American movie studios such as STX Entertainment's Robert Simonds and Studio 8's Jeff Robinov have also secured funding from Chinese firms, as reported by Deadline. In addition, Canadian-American entertainment company Lionsgate has formed a deal with Chinese-based Huayi Bros Media.
In an official statement, Cook expressed his delight in the new partnership with the Chinese firm. "They are not only visionaries in strategic financing but in the future of entertainment. They are the perfect partners as they share our vision of telling great stories for the entire family to be enjoyed across the globe," Cook stated.
Likewise, Film Carnival's Xiaolou is also delighted with the two companies' new relationship. "Ranger's Apprentice is only the beginning to our strategic plan of more comprehensive collaboration. I look forward to working together for the future of the art of filmmaking," the chairman noted.
Dick Cook Studios, launched only a year ago by former Walt Disney Studios chairman Dick Cook has secured funding from China's Film Carnival. The deal will expand both the company's creative work and market, as the studio will start working on the first film under the deal.