Golden Sun sells library for online

Inks $4.4 mil deal with Shanda Interactive Entertainment

HONG KONG -- Hong Kong's Golden Sun Films inked a 30 million yuan ($4.4 million) multiyear package deal with NASDAQ-listed Shanda Interactive Entertainment of China for the online rights to its 380-title library.

Under the deal, Shanda will release Golden Sun titles in China via its video-on-demand service. Titles under the Golden Sun library includes hits from Jet Li, Jackie Chan, Stephen Chow, Andy Lau, and the Donnie Yen hit "Painted Skin," the Gordon Chan-directed fantasy blockbuster which took 230 million yuan at the Chinese boxoffice in 2008, and the upcoming releases such as "A Chinese Ghost Story" by director Wilson Yip. Shanda will hold the online rights of classic Golden Sun titles for five years and new titles for three years.

Established in 1999, Shanda built its business on online gaming and developed into a digital entertainment portal. The Shanghai-based company was listed on NASDAQ in 2004, and announced a plan to repurchase up to $300 million worth of its outstanding American Depositary Shares representing the ordinary shares of the company on Monday.

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Golden Sun's $15 million remake of "The Chinese Ghost Story," announced at last year's Filmart, will commence filming in April 2010 for a late 2010 release. The film is the second installment of the "new oriental fantasy" trilogy after "Painted Skin" and will be followed by the $15 million "The Lantern." The company is also targeting the Chinese market with the $5 million action comedy "The Swordsman Dream" scheduled for July, and is considering the stereoscopic 3D feasibility for upcoming action adventure "Hidden Strike," now in development.

Golden Sun has recently established a long term partnership with the state-own Beijing Forbidden City Film Co. to form the distribution outfit Golden Sun Forbidden City Film Distribution.