Russian Film Group, China's Yangtze Strike Partnership
The agreement stipulates Chinese investment of $50 million in three joint projects.
Russian Film Group, known for Viy and Mystery of the Iron Mask: Journey to China, has signed a strategic partnership agreement with Chinese film company Yangtze.
"Yangtze is based in Hubei, one of China's wealthiest provinces," Alexei Petrukhin, president of Russian Film Group, told The Hollywood Reporter. "At the initial stage, our company and the Chinese partner will collaborate on three feature film projects for theatrical release."
According to Petrukhin, Yangtze's investment in the three projects will be $50 million, while Russian Film Group will invest "slightly less."
Russian Film Group co-produced Viy, Russia's highest grossing movie of 2014.
The company is currently co-producing a sequel to it, Mystery of the Iron Mask: Journey to China, starring Jason Flemyng, Arnold Schwarzenegger and Jackie Chan.
The $48 million fantasy thriller is centered on an 18th century English explorer, who is commissioned by Peter the Great to map the Russian Far East.
The deal between Russian Film Group and Yangtze comes at a time when Russia and China are stepping up collaboration in the area of film production.
This past January, Russia’s state-run Gazprom Media, entered into a partnership with China’s Shanghai Media Group for distribution of film and TV content.
Two months later, China’s Ulan Culture Media and Russia’s Yellow, Black & White partnered up to adapt the Russian sitcom How I Became a Russian (Kak ya stal russkim).