The Tom Group continues its aggressive pursuit of China media properties. Xinhua reports:<\/p>\n
The Hong Kong-based Tom Group is negotiating to acquire a 20 per cent interest in Huayi Brothers Media Group [huayi xiongdi<\/i>], the biggest private filmmaker on the mainland, as the country opens up its movie industry to foreign investment.<\/p>\n
Huayi, which made this year’s award-winning comedy Cellphone<\/i>, is planning an overseas listing in three years, according to industry sources.<\/p>\n
The sources say Tom would have to pay hundreds of millions of yuan for the stake, but no framework agreement has been signed yet.<\/p>\n
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.<\/p>\n
Main board-listed Tom declined to comment on the deal.<\/p><\/blockquote>\n
The Xinhua piece, which was ripped from CRIEnglish.com, is here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 … Continue reading