娱乐英语新闻:Hollywood companies form innovative distribution business

LOS ANGELES, Aug. 15 (Xinhua) -- Hollywood-based Relativity Media announced Monday it has joined Huaxia Film, SAIF Partners and IDG China Media to become what is billed as the first China/U.S. distribution company, SkyLand Entertainment.

Looking to find a platform for all their future China film endeavors, Relativity, which has produced or financed such recent films as Limitless, The Fighter and The Social Network, made the agreement aiming to develop, produce, acquire and distribute Chinese material with worldwide appeal.

Their new partners in this strategic alliance to promote U.S.-Chinese co-productions are among China's leading production, finance and distribution of Chinese content films in the past few years. SAIF Partners is an Asian private equity firm and IDG China Media, is the China-focused investment arm of Boston's International Data Group.

While its titles will still be subject to China's annual quota of 20 foreign films distributed on a revenue sharing basis, Relativity will now distribute all its future films in China including Haywire, Immortals, Act of Valor, an untitled Snow White project and The Raven through the new venture SkyLand. SkyLand has functioned as SAIF and IDG's entertainment arm, and most recently co-produced Snow Flower and the Secret Fan, inspired by a novel by Lisa See.

One of the enticements to expanding into China is the very robust growth of the number of theaters being built throughout the country. There are now over 6,000 screens in China which brought in over 1.5 billion dollars in box office revenue in 2010, an increase of over 60 percent last year alone.

"We're excited to be entering into this ground breaking partnership. With six new screens added daily in China and a business which has been tripling in revenue every three years, it is unquestionable that China and the United States must work closely together to build an entertainment business for the future, which strives to make and release global product appealing to worldwide audiences. This is a critical first step in achieving just that," said Relativity Media CEO Ryan Kavanaugh.

Distribution will still technically be through Huaxia, which, along with China Film Group, is one of only two state-run companies authorized to import and distribute foreign films. SkyLand, is a fully-funded, vertically-integrated film and multimedia production, distribution and financing company.

The other side of the deal calls for plans to produce higher-budgeted China-themed movies, with the aim of appealing to both Chinese and Western audiences alike thus offering international audiences a better understanding of the Chinese culture.