Beijing Enlight Buys 27.6 Percent Stake in New Classics Media
The company acquired the stake in the Chinese TV producer and distributor for $136.2 million.
Beijing Enlight Media Co. has bought a 27.64 percent stake in New Classics Media Corporation, a TV drama production and distribution company based in the eastern province of Zhejiang, local media reported.
The stake will cost $136.20 million and fits in with Enlight's efforts to further expand its entertainment industry interests.
Led by chief executive Wang Changtian, Enlight Media is one of China's top production companies, and 2012 was a strong year for the company as producers of actor-director Xu Zheng’s box office record-breaking Lost in Thailand ($202 million).
The income from that film made it China's second biggest studio last year. Enlight also has significant interests in TV series production and distribution businesses. The company accounted for 9.4 percent of the Chinese box office in 2012.
The group has been keen to diversify into other areas, such as TV drama, and has been involved in producing numerous overseas formats in China, including The X Factor and Clash of the Choirs.