IMAX Corporation and IMAX China have announced plans to establish the IMAX China Film Fund in cooperation with China Media Capital. The China Film Fund will receive an initial capital of $50 million and will co-finance at least 15 Mandarin-language films over the next three years.
China Film Fund's collaboration with the IMAX brand will take advantage of the latter's technology, and international brand recognition to help boost the popularity of locally made films. As the Chinese film sector continues to grow, China Film Fund aims to tap into this lucrative market by creating partnerships along with film studios, content creators, and local distribution outlets.
"Our strong relationships with China's most acclaimed studios and filmmakers mirror those we've established in Hollywood, thanks to the support of our valued partner CMC. The Fund will further deepen our ties in the China film industry and allow us to generate the highest-quality Mandarin content for Chinese and international audiences alike. Our commitment to the success of our business in China and its filmmaking community is unwavering. Together, we are excited to launch a new and exciting chapter of filmmaking in China," IMAX Chief Executive Officer Richard Gelfond said in a statement.
The China Film Fund aims to provide contributions ranging from $3 million to $7 million per film. The funds will be released following the unanimous decision of both IMAX and China Media Capital. In order to increase its funding capacity, both IMAX and China Media Capital are open for investors.
China Media Capital was founded by Ruigang Li, who happens to be the company's current chairman as well. The company is considered China's most prolific investment and operating platform. The company's portfolio includes Star China, BaseFX, Oriental DreamWorks, Warner Bros.' Flagship Entertainment, as well as several internet ventures and lifestyle brands.
