Russo Brothers to Form Production Venture With China's Huayi
The Chinese studio is putting up $250 million in financing for the new venture, which will produce English-language tentpoles for the global market.
Joe and Anthony Russo, the director brothers behind Marvel's Captain America franchise, are set to partner with China's Huayi Brothers Media Corp. on a new venture that will produce big-budget English-language movies for the global market.
Huayi Brothers will invest $250 million to finance the venture's operations and production slate, according to a statement filed with the Shenzhen stock exchange Monday. The Chinese studio will own 60 percent of the company, while the Russo brothers will hold the remaining 40 percent.
The still-untitled company will develop and product tentpole-scale projects with production budgets of around $100 million or more. Huayi Brothers will get distribution rights for Greater China and Southeast Asia, along with the right to build and operate theme parks based on the IP that emerges from the partnership.
The Russo brothers' previously announced Chinese studio, Anthem and Song, is not part of the new deal. Through Anthem and Song, the Russos are developing a Chinese superhero franchise, which excited local fans have already nicknamed "Captain China" (the project's actual working title is Hero's Awakening).
The brothers' most recent film as directors, Captain America: Civil War, grossed $190.4 million in China and $1.15 billion worldwide. They are currently in preproduction to direct the next major Marvel film, Avengers: Infinity War.