Film finance and production company Legendary Pictures LLC is teaming up with China Film Co. Ltd., the largest producer and distributor in that country, to launch its long-delayed Asian movie venture.
Legendary East, first announced in 2011, will produce big budget films in China intended for a global audience in partnership with state-owned China Film. Although China has become the world's second-largest movie market and a voracious consumer of Hollywood blockbusters, films produced there haven't yet proven popular around the globe.
Legendary Pictures, a closely held company whose movies include the "Hangover" and "Dark Knight" series and the coming "Pacific Rim," had originally planned to raise $220.5 million on the Hong Kong Stock Exchange for its China venture and team up with distributor Huayi Brothers Media Corp.
The planned stock placement fizzled in late 2011, however, and Legendary Pictures Chief Executive Thomas Tull had to revamp his plans for the country. Last year he hired a former agent at the Creative Artists Agency, Peter Loehr, to run Legendary East.
The three-year deal calls for Legendary and China Film to co-produce multiple movies together. "There can be no doubt that this is one of the most important collaborations for [China Film Group] in the coming years," China Film Chairman Han Sanping said in a statement.
Legendary East in 2011 announced that its first production would be "The Great Wall," based on the history of the Chinese landmark. The project is still in development, but not expected to be the first movie made under the new deal, a person knowledgeable about the company's plans said. A Legendary spokeswoman didn't immediately respond to a request for comment.