Perfect World Pictures, represented by Manatt's Lindsay Conner, and Universal Pictures announced the completion of a $500 million slate financing deal that will make the Beijing-based maker of films, television programs and online games a major investor in one of Hollywood's most successful studios.
The partnership begins in 2016 and will last five years or for the co-financing of 50 pictures. It marks the first time a Chinese company will invest in a major studio multi-year slate deal.
As reported by The Hollywood Reporter, Perfect World Chairman Michael Chi said that, "building out our film business and expanding into international markets are two of the most important initiatives for Perfect World. Universal has had a stellar last few years, and with a slate that boasts many titles that we know will thrive in the marketplace, we are confident our partnership with them is a solid step in the right direction. Our partnership with Universal is not just about making movies together, but also about the opportunities that exist in the synergy across our multiple business lines to maximize strategic value for all involved."
Conner is co-chair of Manatt's Entertainment and Media practice, and heads the motion picture, television and digital content practice group. He regularly represents major film and television studios, foreign companies, investment banks and others in complex entertainment finance and distribution deals.
The Manatt-negotiated Perfect World, Universal Pictures partnership was widely covered in the press, including Variety, Reuters and Los Angeles Times.