Relativity Unveils Strategic Partnership With Leading Chinese Media Company
Announces Equity Investment and Production and Distribution Agreement with Jiangsu Broadcasting Corporation
June 14, 2014 --
BEVERLY HILLS, Calif. and SHANGHAI, June 14, 2014 /PRNewswire/ --Relativity Media ("Relativity"), a next generation media company, today announced at the Shanghai International Film Festival that it has formed a joint partnership with Jiangsu Broadcasting Corp. ("JSBC") to develop, co-finance, co-produce and distribute film and television content for both the international and Chinese markets. As part of the partnership, JSBC will make an equity investment in Relativity. Financial terms were not disclosed.
As one of the most influential media operators in China, JSBC is a highly acclaimed multi-media company operating leading television, radio, newspapers, magazines and internet properties. The two companies will develop, produce and distribute new film and television content across JSBC and Relativity's platforms.
"China is one of the world's largest and fastest growing markets for every form of content, and Relativity has long been focused on expanding our footprint in this incredibly dynamic market. The partnership with JSBC we announced today will further strengthen the robust foundation we have built in China," said Ryan Kavanaugh, CEO of Relativity. "By collaborating with JSBC, we will deepen our relationship with the Chinese media and entertainment industry and provide a world-class platform from which to co-develop Chinese and international film, television, and sports content with one of the preeminent media companies in China."
Mr. Bu Yu, President of JSBC, said, "JSBC is delighted to make this investment into Relativity, one of the world's most disruptive and fastest growing media companies. Combining our distribution and content with Relativity's will strengthen the formidable platforms of both our companies. This partnership will allow JSBC and Relativity to collaborate across the full range of content from film and television, to sports and music, and we are excited about the possibilities it creates."
Relativity in China
Relativity's existing presence in China is underpinned by its ownership of SkyLand Entertainment, a film distribution and financing company headquartered in Beijing. Originally launched as a joint venture between Relativity, IDG China Media Fund and SAIF Partners, SkyLand is now a wholly-owned subsidiary of Relativity and maintains a close strategic relationship with the government-run distributor Huaxia Film Distribution Co. Recent Relativity films released in China include Immortals, Mirror Mirror and Free Birds.
Relativity (www.relativitymedia.com) is a next-generation studio engaged in multiple aspects of entertainment, including film production; financing and distribution; television; sports management; music publishing; and digital media.
The studio has produced, distributed or structured financing for nearly 200 motion pictures, generating more than $17 billion in worldwide box office revenue and earning 60 Oscar nominations. Recent films include: Oculus, 3 Days to Kill, Safe Haven, Act of Valor and Immortals, the latter two opening number one at the box office in their debut. Relativity's other films include the eight-time Oscar nominee The Social Network as well as Limitless and two-time Oscar winner The Fighter. Upcoming films include Earth to Echo and Nicholas Sparks' The Best of Me.
About Jiangsu Broadcasting Corporation
Established in June 2001 out of merger and acquisition, the 3,400-employee Jiangsu Broadcasting Corporation (Group) or JSBC, adopts matrix management supervising eight administration departments, eight business sectors and five subordinate units. JSBC incorporates 14 television channels, including 2 satellite television channels (Jiangsu Satellite Channel and International Channel), 7 terrestrial television channels (City Channel, Variety Show Channel, Film and TV Channel, Public Channel, Channel Win, Children's Channel and Business Channel), 4 digital pay TV channels (Fashion Channel, Kid's Education Channel, English Education Channel and Fortune Channel) as well as a mobile TV channel (Jiangsu Mobile TV). In the meantime, JSBC operates 11 radio frequencies, i.e. the General News Radio, the News Radio, the Voice of Jinling, the Jiangsu Communication Broadcasting Network, the City FM, the Classical Music Radio, the Art Radio, the Story Radio, the Healthy Life Radio and the Economy Radio. In addition, JSBC also runs film studio, cinemas, audiovisual press, aside from newspapers, magazines, websites and affiliating school, widely covering the different sectors of the mass media industry. In this sense, JSBC has acquired advantageous resources to facilitate multimedia operation and multi-channel broadcasting in the domestic and the international markets. From 2004 to 2008, JSBC is listed among China's 500 Most Valuable Brands. According to the 2008 release, the brand value of JSBC amounts to 5.631 billion RMB, ranking 4th among all media brands in the list.
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