China's Wanda to Co-Finance Paramount's 'Teenage Mutant Ninja Turtles 2'
The deal marks the first time the Chinese giant has invested in a U.S. studio film.
China’s Wanda Cinema Line and its subsidiary Movie Media have boarded Paramount's Teenage Mutant Ninja Turtles: Out of the Shadows as co-financiers.
The investment represents the first time that Wanda Cinema Line has invested in a Hollywood film as a worldwide investor. Wanda Cinema Line is the movie theater subsidiary of Chinese real estate and investment conglomerate Dalian Wanda Group, which is controlled by Wang Jialin, China's richest man.
Movie Media, a marketing company specializing in movie investment and localized marketing, was acquired by Wanda in June 2015. In a statement Wednesday, Wanda said the subsidiary "will act as an important agent to spearhead Wanda Cinema Line's investment into Hollywood."
Wanda Cinema Line's marketing subsidiary previously has collaborated with Paramount on local marketing campaigns for the first Ninja Turtles movie, Transformers: Age of Extinction and Terminator Genisys. "We will continue to produce successful results in future endeavors," said Movie Media CEO Brad Zhang.
"The team at Movie Media, led by Mr. Zhang, have showcased their tremendous marketing abilities on the launch of the first Teenage Mutant Ninja Turtles film and we are very pleased to be again collaborating with them on this next installment of the franchise," said Paramount vice chairman Rob Moore.
Fellow Chinese giant Alibaba Pictures, the film subsidiary of Chinese e-commerce company Alibaba Group, also is co-financing Out of the Shadows.