SAIF, IDG team with Hollywood producer to release Chinese films globally

The films' production and distribution will be processed through SkyLand, which was formerly SAIF Partners and IDG China Media's entertainment arm but is now owned by Relativity. Among SkyLand's most recent releases is "Snow Flower and the Secret Fan," which was produced by Wendi Murdoch and counts Hugh Jackman among its star cast. SkyLand's JV with the private equity players will focus on the production of films related to Chinese culture, heritage and folklore.

In addition to this venture, SkyLand also announced Monday that it has partnered with state-owned Huaxia Film Distribution Co., China's second-largest player in the field, to allow Relativity to release movies in China without being bound by a government policy that permits only 20 foreign movies to show in the country annually, the LA Times reported.

According to Relativity's CEO Ryan Kavanaugh, China's entertainment landscape offers abundant opportunities for production companies and investors alike. He cited in a press statement 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.

"The China entertainment industry has become one of the fastest and most lucrative industries in China today. Until now, there has been a major void in bridging the two worlds of the American and Chinese film industries," Andy Yan, managing partner of SAIF, which remains a large investor in SkyLand and Relativity, said in a statement. "After spending significant time learning about Relativity's business and how they approach the international markets, we couldn't be more pleased to have entered into what will undoubtedly be a revolutionary shift in the China film business as we know it."

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• Topics
• Greater China
• Media
• Venture
• SAIF Partners
• IDG Ventures