Hong Kong broadcasting company, Television Broadcasts Limited (TVB), is partnering with Hollywood film and television production company, Imagine Entertainment (Imagine) in a USD100 million joint finance venture. The financing will be used for the development and production of television projects to be broadcasted in Macau, Hong Kong and Taiwan.
Macau benefits from this venture as TVB will obtain broadcast and distribution rights to the region.
TVB chairman, Charles Chan, stated that TVB’s production base for television programs has always remained in Hong Kong. He added that the joint venture with Imagine will provide a new opportunity for collaboration in television projects in the US.
“We can learn from the well- established US 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,” said Chan.
Imagine is owned by Hollywood actor and director Ron Howard and producer Brian Grazer. Its most well- known projects include Empire for Fox and Genius for National Geographic Channel.
“TVB is a proven leader in the television industry with broad capabilities in broadcasting, production and distribution,” said Grazer. “We are honored to have the opportunity to partner with them and are excited about the opportunities this agreement provides for Imagine to invest in our own production and development while also retaining the rights to our intellectual property.”
“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, an investor in TVB’s largest shareholder, Young Lion.