TVB strikes US$100m joint venture with Hollywood TV production powerhouse

Television Broadcasts Limited (TVB) aims to ramp up its television production by inking a partnership with leading Hollywood TV and film production company Imagine Entertainment to produce a slate of television serials.TVB invests US$100 million in the joint venture which will finance the development and production of television projects for US and international markets.TVB and Imagine will each own 50% of the joint venture. The investment of US$100 million will be financed with TVB’s internal cash. The deal took more than eight months to hammer out.TVB will have the rights to release, reproduce, distribute, broadcast and use the TV programmes developed and produced under the joint venture by Imagine in Mainland China, Taiwan, Hong Kong and Macau.TVB chairman, Charles Chan said the joint venture with Imagine will provide a new opportunity for collaboration in television projects in the US.Its past productions include Academy Award Best Picture winner A Beautiful Mind, as well as The Beatles: Eight Days A Week – The Touring Years, 8 Mile, Apollo 13, American Gangster, The Da Vinci Code, Liar Liar, Backdraft, and Parenthood.“Under the impact of globalisation, TVB needs to expand its production base as well as its distribution markets. We want to be partnering with a company that is at the forefront of TV programming,” said Chan.Imagine Entertainment was founded by Brian Grazer and Ron Howard in 1986. It has won more than 60 awards, including 10 Academy Awards and 40 Emmy Awards."Together with TVB, we look forward to bringing more viewers around the world the unique, groundbreaking programs and content we feel so passionately about creating," said Howard.The deal was orchestrated by CMC Holdings (CMC), an investor in Young Lion which is TVB’s largest shareholder. CMC was instrumental in the creation and negotiation of the joint venture.Li Ruigang, chairman of CMC Holdings and vice chairman of TVB said the pact would bring the best creative resource and industry expertise to TVB "which will be of significance to TVB's growth strategy in the years to come".(Photo courtesy: 123RF)