China's Shanghai Film Group has signed a cooperation agreement with Germany's Studio Babelsberg. The alliance was announced on Wednesday at the ongoing Shanghai International Film Festival. The newly formed pact is aimed at putting together the considerable resources of the two companies to make international co-productions easier and more efficient.
The Shanghai Film Group is considered one of the biggest and most prolific production companies in China. On the other hand, Studio Babelsberg is also a well-respected brand in Germany when it comes to film production. Some of the studio's most prolific productions include Metropolis, The Grand Budapest Hotel, The Bourne Ultimatum, The Hunger Games, Inglorious Basterds, V for Vendetta, and Cloud Atlas.
Shanghai Films Group President Ren Zhonglun and the company's Vice President Wang Xiojun signed the memorandum of understanding with Studio Babelsberg, which was represented by the company's top executives Charlie Woebcken and Christoph Fisser.
The memorandum of agreement cites that Babelsberg will help Shanghai Film Group in its efforts to modernize its film complex in China. The complex happens to be the oldest in existence in the country. The Shanghai Film Group film complex was founded in 1949. On the other hand, Studio Babelsberg's film complex, which was establishd in 1912, is considered the oldest large-scale film studio in the world.
The agreement will also create a joint production service so that the two companies can produce big-budget films in China that will adhere to "international standards." In a statement acquired by Variety, Woebcken said, "In addition, we are looking at international co-productions where a fruitful exchange of know-how can exist on both sides."
Aside from film production, Shanghai Film Group is also in control of China's largest chain of cinemas which currently boasts of more than 1,800 screens across the country.