The Tom Group continues its aggressive pursuit of China media properties. Xinhua reports:
The Hong Kong-based Tom Group is negotiating to acquire a 20 per cent interest in Huayi Brothers Media Group [huayi xiongdi], the biggest private filmmaker on the mainland, as the country opens up its movie industry to foreign investment.
Huayi, which made this year’s award-winning comedy Cellphone, is planning an overseas listing in three years, according to industry sources.
The sources say Tom would have to pay hundreds of millions of yuan for the stake, but no framework agreement has been signed yet.
The move follows United States giant Warner Brothers’ announcement last month that it was setting up the mainland’s first film production joint venture with state-owned China Film Group and privately run Hengdian Group.
Main board-listed Tom declined to comment on the deal.
The Xinhua piece, which was ripped from CRIEnglish.com, is here.