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Public-listed China-based Recon Holding has reportedly acquired the majority interest in the independent film staple, Millennium Films according to a new press announcement. News of the deal in its development began circulating as early as last week.
The terms of the deal confirm that Recon Holding's 51% acquisition majority ownership stake in Millennium Films for $100 million (RMB 688 million) and its 300-film library with the option to acquire the remaining 49% thereafter. Avi Lerner and Trevor Short, who founded Millenium as a subsidiary of Nu Image in 1996, are remaining on board as Chief Executive Officer and Millennium Films and Chief Operating Officer, respectively, while Recon Chairman Dr. Tony Xia will serve as Chairman of Millennium Films.
The company is best known for its franchise properties including Rambo as well as The Expendables which is on deck to shoot a fourth installment this year, and the Gerard Butler led 'Fallen franchise which will continue with Angel Has Fallen. Millenium has accumulated 1.2 billion dollars at the worldwide box office since 2011, and has a slate that extends more with titles, The Hitman’s Bodyguard, starring Ryan Reynolds and Samuel L, Jackson, the Javier Bardem and Penelope Cruz-led Escobar and Butler's forthcoming novel adaptation, Hunter Killer with Gary Oldman.
“We are excited about our new partnership with Recon Holding led by Tony” said Messers. Lerner and Short. “China is emerging as the world’s largest market for premium filmed entertainment, and we see enormous value in placing the Chinese market at the forefront of our global strategy. Our films have experienced considerable success in China and in other markets around the world, and we feel there is significant value in partnering with an astute, experienced, and well-connected partner to help us execute our long-term strategy of making commercial movies for the global market place.”
“Since Avi and his partners founded the company, the Millennium Films organization has created a dynamic film brand and a deep library of intellectual property that resonates with audiences on a global scale,” said Tony Xia, Chairman of Recon Group and Aston Villa Football Club. “We believe Millennium’s unparalleled portfolio of motion picture franchises and intellectual property provides significant opportunities for long-term growth as the company continues to maximize the value of its creative properties across multiple platforms and in multiple territories. This is an incredible opportunity for us to build upon Millennium’s premium brand by accessing a film market in China that continues to experience a period of unprecedented growth.”
The transaction is expected to close during Q2 of 2017, subject to the satisfaction of customary closing conditions.
Millennium Films was advised by The Raine Group and Latham & Watkins LLP. Amir Malin of Qualia Capital also provided advice and counsel. Recon Holding was advised by China International Capital Corporation and Skadden, Arps, Slate, Meagher & Flom LLP.
Currently stemming from Florida's independent film scene is Victor Rios with his directorial debut, Fury Of The Dragon. Rios helms from the creative auspices of 333 Pictures and Frank Films, and cinematographer Armin Alic who co-helmed the 2015 indie action thriller, Room 236., and with a cast that brings actor Lilo Brancato and Wade Williams to the forefront of the tale of a mysterious vigilante on the streets of America and a detective who may or may not be out to stop him.
The film is currently in production with plans currently set for its own trilogy and it's early days at the moment. In the meantime, peep the teaser below and stay tuned for more info as it arises.
Martial arts action star Scott Adkins is currently treading the streets of Thailand as one of the key antagonists on the set of Jesse Johnson's ensemble action thriller, Triple Threat. In the meantime, post production is already underway for the previous completion from the duo with an adaptation of British comic book thriller, Accident Man which Adkins also produces.
On Saturday, Adkins took to social media to unveil the first official still from the production which takes its cues from creators Pat Mills and Tony Skinner whose once popular Toxic! publication manifests the story of an assassin who disguises his hit jobs as everyday, ordinary accidents. Adkins himself described the film as a dream project from the age of fifteen, telling followers, "I fell in love with the comic book, always knew it would be an amazing movie. I co-wrote, produced and of course star and I am very, very proud of this film and I know you guys are going to love it too." Adkins writes with co-s…
The season two premiere of the hit AMC Network series, Into The Badlands, was a homerun hit becoming the #1 returning show thusfar with 4.5 million viewers back in March. It's a milestone well-deserved after launching its six episode run back in 2015 from creators Al Gough and Miles Millar, and with ratings otherwise holding steady, much to the delight of fans, the show is officially poised for another round of epic drama and martial arts action. Per the announcement: Midway through its current second season, “Into the Badlands” is averaging 3.6 million viewers per episode, including 2.1 million adults 25-54 in Nielsen Live+3 ratings. In the current television season, the series ranks as the #4 scripted drama on cable and the #4 returning drama, behind “The Walking Dead,” “American Horror Story” and “Fear the Walking Dead.”“‘Into the Badlands’ looks like nothing else on television, a literal high-wire act attracting passionate and dedicated fans by the millions,” said Charlie Colli…