By Kelvin Chan, Business Writer
HONG KONG (AP) --China's footprint in Hollywood is expanding following a wire and cable maker's purchase of a controlling stake in independent studio Millennium Films, which produced "Rambo" and "The Expendables."
Recon Holding said Thursday it is taking a 51 percent stake in Millennium for $100 million.
The company, based in Yixing near Shanghai, is controlled by Tony Xia, who was a little-known businessman until last year, when he bought struggling English soccer club Aston Villa with ambitious plans to turn it around.
The terms of the deal, which is expected to close in the second quarter, give Recon majority ownership of Millennium and its library of 300 films.
The studio is known for its action titles, which include 2008's "Rambo," the fourth installment of the Sylvester Stallone action franchise, "The Expendables" series, and "London Has Fallen."
Chinese investors and Hollywood studios have been in a frenzy of deal-making in recent years as both sides seek to expand in each other's movie industries.
Chinese companies are hoping to gain filmmaking expertise as well as beef up the country's global cultural influence, also known as "soft power." Hollywood, meanwhile, covets China's strong box office revenue growth as domestic earnings stagnate.
In the past year, Chinese companies have sealed deals with entertainment companies including Paramount Pictures, Sony Pictures, Amblin Partners and Dick Cook Studios.
Xia owns Recon Holding through his conglomerate Recon Group. One of its companies, Lotus Health Group, is the world's second biggest maker of food additive monosodium glutamate. Another subsidiary makes digital hardware for urban infrastructure.
Xia's made a splash with his $87 million purchase of Aston Villa because the businessman, who studied at Harvard and Massachusetts Institute of Technology, had no soccer credentials.
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More