Peter Guber, Steve Richards Form New Film Venture With Chinese Investment
Other investors in the film financing, production and distribution company include former Lionsgate chairman Peter Strauss and Jeff Vinik, owner of the NHL's Tampa Bay Lightning.
Industry veterans Peter Guber and Steve Richards have partnered to launch Mandalay Endurance Media Ventures, a new film production, financing, and distribution platform with a focus on star-driven projects for the worldwide market.
Boutique Shanghai-based investment firm Puji Capital has come on board as an investor in the venture, while other major shareholders are said to include Jeff Vinik, owner of the NHL's Tampa Bay Lightning; Peter Strauss, former chairman of Lionsgate Entertainment; and Paul Schaeffer, vice chairman of Guber's Mandalay Entertainment Group.
Late last year, Puji Capital made a strategic investment in Guber and Ted Leonsis' eSports ownership and management group aXiomatic. The firm also has invested in Chinese conglomerate Dalian Wanda Group's Wanda Film subsidiary, and it was involved in Wanda's aborted $1 billion bid to buy out Dick Clark Productions.
Guber, a former chairman of Columbia Pictures and Dick Clark Productions, is CEO of the Mandalay Entertainment Group and co-owner of the Los Angeles Dodgers, the Golden State Warriors and the Los Angeles Galaxy.
Richards spent 19 years at Silver Pictures before departing in 2015 to launch Endurance Media. Endurance's first release will be the upcoming Watergate film Mark Felt: The Man Who Brought Down the White House, of which the company is a co-producer.
Puji Capital carried out its investment in the new Guber and Richards venture via its new entity Puji Film, which was set up to focus on investments into the Chinese and Hollywood film industry.
"We have looked at a number of film slates and production companies in Hollywood and MEMV is the first platform with the right approach for China," said Puji Film's new director, Lily Zhao. "We are continually impressed by Peter and the team's creative vision. We could not be more excited by the first film and our future film pipeline for global and China markets."