Buckinghamshire-based Pinewood Shepperton plc, one of the UK's biggest film studios, announced on 17 April, 2013 that the Group has entered into a 50-50 Joint Venture Agreement with China's Seven Stars Media Limited.
Pinewood is a leading provider of services to the global film and television industry while Seven Stars is one of China's leading private media groups providing content creation, distribution, media services and events.
Song Lin, which is a literal translation in Mandarin from the name 'Pinewood', will be the name of the new venture which is to assess a number of business proposals in the growing market for entertainment in China. The Chinese entertainment and media market is said to be worth $137,458 million and is predicted to grow to £192,518 million by 2016. The Chinese market for filmed entertainment is worth £4,478 million and is expected to almost double by 2016.
The aims of the new venture are to provide co-production opportunities for film and television producers; create film and television diploma courses which will be delivered by UK educational institutions in Beijing, Tianjin and other Chinese cities; to develop production financing for Chinese film and television productions and to create a series of film-themed entertainment venues and other projects in Shanghai, Beijing and Wuhan.
For comments by PM David Cameron and managements of the two partners see http://www.pinewoodgroup.com/about-us/news/pinewood-signs-chinese-joint-venture-agreement
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