Jeff Robinov Finds Financing From China's Fosun International
UPDATED: The company announced its commitment in a filing with the Hong Kong Stock Exchange.
Fosun International, the Chinese conglomerate, announced Monday morning in a filing with the Hong Kong Stock Exchange that it is investing in former Warner Bros. executive Jeff Robinov’s new company, Studio 8.
Fosun did not reveal the size of its investment, but did say, "it will exercise significant influence over the distribution arrangements of movies produced by Studio 8 in the mainland of China, Hong Kong, Macau and Taiwan regions."
It is believed Robinov has been looking to raise about $250 million in China and that the complete package of equity and debt he is assembling will amount to $1 billion.
Although the Huayi Brothers, with whom he had earlier discussion, are not part of that package, they may become involved in future talks about future distribution opportunities.
Sony Pictures is also expected to make an equity investment in Robinov's new venture in exchange for the distribution rights to the films he will produce.
In a separate release that followed the filing, Robinov said, “We are happy to partner with Fosun, a well-respected Chinese company with global investment capabilities. Both China and the U.S. possess the film markets with the most influence and potential and we are excited to unite the markets, teams, technologies and respective advantages and work together on building a number of top-level films including co-production films between China and other countries.”
Fosun Group was founded in 1992 in Shanghai, and its parent company Fosun International has been listed on the Hong Kong Stock Exchange since July 16, 2007. The company is involved in insurance, industrial operations, investment and asset management and has previously made investments in Focus Media and the Bona Film Group.