Raleigh Studios to Manage China's Wuxi Studio
Independent studio operator Raleigh Studios said Tuesday it has entered a long-term management agreement with Wuxi Studio in Wuxi, China, which is scheduled to open its doors just outside Shanghai this summer.
Financial terms weren't disclosed.
The deal will see Raleigh manage Wuxi's production and entertainment complex, which the partners said "will serve as a hub for foreign productions seeking Chinese co-production opportunities" and for the Chinese film and TV market.
Wuxi Studio named Hollywood Producer and former Academy of Motion Pictures Arts & Sciences president Sid Ganis an advisor and honorary chairperson about 18 months ago.
"It's a big day," said Ganis. "After years of planning and two years of building, Wuxi Studio is about to open its doors to the world of cinema production and post production. With the guidance, experience and imprint of Raleigh, phase one of the massive studio complex is nearing completion."
He added: "Entering the filmmaking arena at this time coincides with the focus on China as a burgeoning film center."
"China is certainly a dynamic and rapidly growing market that cannot be ignored," said Michael Moore, president of Raleigh Studios. "Our partners in Wuxi have done a great deal of work to make this a project that will set the standard for studios in China. Raleigh brings long standing relationships and a reputation for providing production services in a manner that Hollywood studios are familiar with, and we are looking forward to playing a role in helping support the growth of this market."
Wuxi is scheduled to open its 2 million square foot complex by August with six soundstages, production offices, visual effects, post-production and editing facilities inside a former steel factory. It also includes a space for the development of digital media initiatives, including digital film processing and distribution.
The next phase of development is expected to be completed by next summer. It is scheduled to include five sound stages large enough to accommodate any major international production, a water tank and a dual-purpose Hollywood-style city back lot for filming as well as hosting a studio tour attraction.
Raleigh Studios has more than 2.5 million square feet of sound stage, office and support space. It has locations in Hollywood, Manhattan Beach, Playa Vista, Baton Rouge, Atlanta, Michigan and Budapest.