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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.
EXCLUSIVE: Japanese action star, actor Tak Sakaguchi will share the floor as a guest panelist among other headliners for this year's sophomore entry of the Iron DragonTV ActionFest. Submissions are now underway for the upcoming event which will be held at the Galaxy Highland 10 Theater in Austin, Texas from August 10 through 12.
The humble Ishikawa native is a naturally well-known fan favorite credited for such films as Battlefield Baseball, Versus, Alive, Samurai School, Yakuza Weapon and Sono Sion's Why Don't You Play In Hell? to name a few. His latest action-packed starring role now sees him carving and beating armies of villains to a pulp for longtime friend and film partner Shimomura Yuji's second directing effort, Re:Born, which has since been subject to a raft of critical praise from the festival circuit since last year.
Obligatory rules for IDTV Action Fest submissions and entries therein are listed in detail for attendees and local genre fans and cinephiles a…
An exasperating wait, no less, for folks like myself who live in the U.S.. Still, it's nice to know that a Blu-Ray/Digital HD release of the new tournament martial arts thriller, Boyka: Undisputed, is well on its way with an August release, while it's even nicer to know that the film's star, actor and martial artist Scott Adkins wants to do a fifth.
He says so at around the 11:40 mark in his latest interview now online following his recent appearance at MCM Expo in London this week to discuss the role and the film as a whole - And not for nothing either as he continues to pound away at fans who enjoy his movies, but insist on stealing them online which will otherwise kill any chance of the film happening before 2030 if we're lucky (my words, not his).
Adkins also shares several new images from his latest, Accident Man, and some gems on Michael Cuesta's American Assassin, working with Tony Jaa on the recently-wrapped ensemble action thriller, Triple Threat, and muc…
There is a LOT to sift through this week with the Hit List. I almost thought I wouldn't be able to make it because of all the content and information I managed to come across but I think I accomplished a little something-something!
As always, it's another round of energizing stunt, training and performance reels by some of today's amazing creatives and up-and-coming professionals. John Soares was a terrific find for me in the last few years with the long-awaited release of feature steampunk sci-fi, The Danger Element. He starts off the week followed by cosplayer and actress Erin Haus who has certainly earned a rightful place in the Hit List a few times in recent history, and you're more than welcome to look her up online as Hausplay when you get to it.
Rounding out the playlist are Timothy Parsons, Ruben Maldonado and Romanian stunt sibs Daniel and Adrian Bondor, with Aline Mayne,Walter Dodson, John Gilbert, Kate Angus, Marques Archie, Timothy Eulich, David Miller, She…