PE-backed SkyLand starts production on China-focused movie
SkyLand, the $100 million China-focused film venture backed by Hollywood entertainment firm Relativity Media, SAIF Partners and IDG China Media, has begun production on the film "21 and Over." It is the company's first movie since announcing its partnership with state-owned Huaxia Film Distribution, China's second-largest player in the field.
In August, the investors announced that SkyLand - which was formerly SAIF Partners and IDG China Media's entertainment arm but is now owned by Relativity - to release films related to Chinese culture, heritage and folklore. As part of the deal with Xuaxia Film, the government would exclude Relativity's movies from the rule that permits only 20 foreign movies to show in China each year, the LA Times reported at the time.
According to The Hollywood Reporter, "21 and Over" is a comedy about friends celebrating a 21st birthday that ends in chaos. It has been written by Jon Lucas and Scott Moore, whose also worked on "The Hangover," and will be shot in Seattle and Linyi, in Shandong Province.
Prior to "21 and Over," SkyLand's most recent release is "Snow Flower and the Secret Fan," which was produced by Wendi Murdoch and counts Hugh Jackman among its star cast.
Relativity's CEO Ryan Kavanaugh said in August that China's entertainment landscape offers opportunities for production companies and investors alike, noting that China is the fastest-growing film market in the world, with more than 6,000 screens and $1.5 billion in box office revenue in 2010 - an increase of more than 60% year-on-year.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.