China Media Capital, Warner Bros. Launch Movie Production Firm

(Beijing) – The private equity firm China Media Capital and the U.S. company Warner Bros. Entertainment Inc. said on September 20 they will launch a joint venture to develop, produce and distribute movies for the international market.

The pair said in a statement that the joint venture will be named Flagship Entertainment Group Ltd. A consortium led by CMC will hold 51 percent of the firm, and Warner Bros will own the rest. Hong Kong broadcaster TVB is part of the CMC group, and has a 10 percent stake in the consortium, the statement said.