Sino-US Tang Media Partners acquires Open Road Films

Financial terms were not disclosed but TMP said the Open Road deal is part of a larger $500 million expansion plan in the entertainment and media sector. The firm completed a "major round of funding" earlier this year from its strategic shareholders, including return investor Tencent Holdings, it said in a statement. 

Founded in 2015 by Donald Tang (pictured), previously chairman and CEO of Bear Stearns Asia, TMP is positioning itself as an investor and operator of film and television content businesses, with an emphasis on forging connections between China and international markets. It is headquartered in Los Angeles, has an office in Shanghai, and has an array of Chinese backers, including CMC Capital Partners, Huayi Brothers and Sequoia Capital.

TMP acquired a majority stake in Hollywood film and TV studio IM Global from India’s Reliance Group in June last year. Following the Open Road deal, TMP will look to develop, finance, produce and distribute movies in the US, China and other parts of the world.

“Open Road is among the best independent theatrical distribution companies in the entertainment world, from its established infrastructure and dedicated leadership, to its solid track record for producing captivating stories,” said Tang.

Open Road was founded by Regal and AMC – a US-listed cinema chain operator owned by Chinese conglomerate Dalian Wanda Group – in 2011. The studio’s notable productions include "Spotlight," which won the Academy Award for best picture in 2016, "Nightcrawler" and "Chef."

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• Topics
• Greater China
• Media
• Buyouts
• Consumer
• Expansion
• China
• USA
• Tencent
• China Media Capital
• Sequoia Capital