In what will prove to be a major milestone for the company, Big Screen Entertainment Group announces that it has signed a letter of intent with the Chinese Film Management Bureau of the State Administration of Radio, Film and Television (SARFT).
As a result, BSEG and SARFT will work jointly to further Sino-U.S. co-productions with the goal of ultimately expanding Chinese culture and entertainment products in the international market.
SARFT is the executive branch under the state council of the Chinese government. Its main task is the administration and supervision of state-owned enterprises in the film, television and radio industries.
The cooperative agreement with SARFT opened the way for BSEG to sign a major 20-film output deal with the China Film Group Corporation. As the sole importer of foreign films into China and a major exporter of foreign films, China Film Group Corporation has been the object of international attention. The deal includes the release of some of China's largest grossing titles domestically in the U.S. and internationally through BSEG's Domestic and European distribution division and international sales team.
The deal puts BSEG in an excellent position to distribute Chinese content domestically in the states and opens the road for government assistance and co-productions in China.
"This is an unbelievable opportunity for the company, and a milestone of immense proportion. We are looking forward to working with these organizations to create and distribute art that will resonate across cultures and make a lasting impact on the film industry," said CEO Kimberley Kates. This news comes as part of BSEG's efforts to expand its production and distribution slate for 2014 and secures its position as a key facilitator in East-West cooperative ventures.