Quick Take: Hong Kong Broadcaster TVB Hooks Up With Hollywood’s Imagine Entertainment

Hong Kong broadcaster TVB is forming a joint venture with Hollywood’s Imagine Entertainment — producer of the Oscar-winning “A Beautiful Mind” and the popular TV crime series “Lie to Me” — to help develop and distribute television projects in China.

Television Broadcasts Ltd., commonly known as TVB, will invest about $100 million in the 50-50 joint venture, to be known as ITT.

The joint venture aims to “finance the development and production of a slate of television projects” produced by Imagine and its partners. ITT will “be granted the rights to release, reproduce, distribute, broadcast and use the television programs” on the Chinese mainland, plus Taiwan, Hong Kong and Macau.

Imagine was co-founded by well-known Hollywood filmmakers Brian Grazer and Ron Howard. The pair’s early collaboration included “A Beautiful Mind,” which in 2002 won the Academy Award for best picture and best director. Its current hits include “Empire,” “Genius” and “Arrested Development.”

TVB Chairman Charles Chan said, “We can learn from the well-established U.S. production house through participation in television program development and production. TVB can assist in the distribution of Imagine’s TV programs in Greater China. It will also help strengthen TVB’s English program library.”

Imagine was introduced to TVB by Li Ruigang, vice chairman of TVB and chairman of China Media Capital (CMC). CMC holds a stake in both TVB and Imagine.

“This partnership will bring the best creative resources and industry expertise to TVB, which will be of significance to TVB’s growth strategy in the years to come. In addition, TVB’s distribution capability will improve the presence of premium international content in regional markets,” Li said.

Shares of Hong Kong-listed TVB had risen 1.6% to HK$28.6 ($3.66) by 3 p.m. Thursday.

CMC is an investor of Caixin Media.

Contact reporter Coco Feng (renkefeng@caixin.com)