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Public-listed China-based Recon Holding has reportedly acquired the majority interest in the independent film staple, Millennium Films according to a new press announcement. News of the deal in its development began circulating as early as last week.
The terms of the deal confirm that Recon Holding's 51% acquisition majority ownership stake in Millennium Films for $100 million (RMB 688 million) and its 300-film library with the option to acquire the remaining 49% thereafter. Avi Lerner and Trevor Short, who founded Millenium as a subsidiary of Nu Image in 1996, are remaining on board as Chief Executive Officer and Millennium Films and Chief Operating Officer, respectively, while Recon Chairman Dr. Tony Xia will serve as Chairman of Millennium Films.
The company is best known for its franchise properties including Rambo as well as The Expendables which is on deck to shoot a fourth installment this year, and the Gerard Butler led 'Fallen franchise which will continue with Angel Has Fallen. Millenium has accumulated 1.2 billion dollars at the worldwide box office since 2011, and has a slate that extends more with titles, The Hitman’s Bodyguard, starring Ryan Reynolds and Samuel L, Jackson, the Javier Bardem and Penelope Cruz-led Escobar and Butler's forthcoming novel adaptation, Hunter Killer with Gary Oldman.
“We are excited about our new partnership with Recon Holding led by Tony” said Messers. Lerner and Short. “China is emerging as the world’s largest market for premium filmed entertainment, and we see enormous value in placing the Chinese market at the forefront of our global strategy. Our films have experienced considerable success in China and in other markets around the world, and we feel there is significant value in partnering with an astute, experienced, and well-connected partner to help us execute our long-term strategy of making commercial movies for the global market place.”
“Since Avi and his partners founded the company, the Millennium Films organization has created a dynamic film brand and a deep library of intellectual property that resonates with audiences on a global scale,” said Tony Xia, Chairman of Recon Group and Aston Villa Football Club. “We believe Millennium’s unparalleled portfolio of motion picture franchises and intellectual property provides significant opportunities for long-term growth as the company continues to maximize the value of its creative properties across multiple platforms and in multiple territories. This is an incredible opportunity for us to build upon Millennium’s premium brand by accessing a film market in China that continues to experience a period of unprecedented growth.”
The transaction is expected to close during Q2 of 2017, subject to the satisfaction of customary closing conditions.
Millennium Films was advised by The Raine Group and Latham & Watkins LLP. Amir Malin of Qualia Capital also provided advice and counsel. Recon Holding was advised by China International Capital Corporation and Skadden, Arps, Slate, Meagher & Flom LLP.
Fantasia 2018's second wave of titles arrived on Thursday and the first thing that stood out to me in a social media post was the name Cynthia Rothrock. That said all I needed to know to look further into the raft of titles, segments and events made public before the full line-up announcement on July 7 and as expected, the programme is turning out to be quite the feat.
Erik Matti's hotly anticipated BuyBust is pretty much an all-in factor for the hardcore action fans already lined-up for its August 10 North American release from Well Go USA. The Witch: Part 1. The Subversion starring Kim Da-Mi was another surprise in recent weeks showcasing a rather awesome trailer for I Saw The Devil writer Park Hoon-Jung's latest feature directing effort.
Also in tow are Sam Elliott in The Man Who Killed Hitler And Then The Bigfoot, Searching starring Jon Cho, and awards and celebrations of the aforementioned Rothrock as well as other screenings like Victor Vu's Loi Bao which I'…
An exasperating wait, no less, for folks like myself who live in the U.S.. Still, it's nice to know that a Blu-Ray/Digital HD release of the new tournament martial arts thriller, Boyka: Undisputed, is well on its way with an August release, while it's even nicer to know that the film's star, actor and martial artist Scott Adkins wants to do a fifth.
He says so at around the 11:40 mark in his latest interview now online following his recent appearance at MCM Expo in London this week to discuss the role and the film as a whole - And not for nothing either as he continues to pound away at fans who enjoy his movies, but insist on stealing them online which will otherwise kill any chance of the film happening before 2030 if we're lucky (my words, not his).
Adkins also shares several new images from his latest, Accident Man, and some gems on Michael Cuesta's American Assassin, working with Tony Jaa on the recently-wrapped ensemble action thriller, Triple Threat, and muc…
Here's a little something to bare in mind for a potemtial future Hit List entry: Enter John Fallon of The Shelter, American Muscle and upcoming Heretic helmer, and newcomer, actor and martial artist Marc Natoli who've since completed their work on Paul Allica's new feature venture, The Siege Of Robin Hood on which Fallon served as co-star and producer.
Going forward, they now turn their attention to the forthcoming July shortfilm production, The Proposal. The two are joined by Neighbors actress Kahli Williams with a script from Fallon, and Ben Whimper, best known for producing projects like shortfilms Quanta and Arrowhead, and now staking his claim at the helm to direct. When gun for hire and all around tough customer Mason Stone (Marc Natoli) takes his long time girlfriend Emma (Kahli Williams) out on the town with the intent of popping the big question, he finds his proposal plans rudely interrupted by a group of highly skilled assassins who want him dead. What's a …