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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.
The Greg and Colin Strause-directed, independent 2010 critical sci-fi flop, Skyline, left a huge enough dent in box office earnings to warrant some wiggle room for a sequel. Enter Liam O'Donnell, having worked his way up from VFX work on several projects, as well as co-scripting and producing the first film and now sets his sights with a sequel as his directorial debut in Beyond Skyline - a film that by some accounts probably wasn't expected to happen or even supposed to. It had been four years since the first film and so no one would see an announcement up until 2014, surprising everyone curious and keen, and not for nothing either. The added touch of throwing in people like Iko Uwais and Yayan Ruhian would certainly pepper the hype up to a certain degree for fans fond of their work on Merantau, The Raid and it's sequel; The mere thought of seeing the two for nothing short of an eyeblink in 2015's Star Wars: The Force Awakens would be enough to ensue an outcry a year l…
We're continuing the Five-A-Day column today listing, and in no certain order, various action film titles fans may be keen on going into the new year. Here's yesterday's batch for starters and below are today's:
Legendary actress and martial artist Michelle Yeoh is reportedly the In Focus subject for the forthcoming International Film Festival & Awards Macao which takes place between December 8 through 14. It makes an even worthier note of the Star Trek: Discovery series co-star's forthcoming appearance Yuen Woo Ping's pending Ip Man spin-off, Master Z: Ip Man Legacy in which actor Max Zhang reprises Cheung Tin-Chi, the role he played opposite action star Donnie Yen in the 2016 kung fu hit, Ip Man 3. Details on all ends are pending for the film which also has Dave Bautista and Tony Jaa in its line-up.
Jimmy Henderson's third directorial offering, Jailbreak was a festival favorite among cinephiles and genre loyalists alike. Rising stars Jean-Paul Ly, Dar…
I just spent all afternoon trying really hard to understand why Alita: Battle Angel looks the way it does now...And I can't. Granted, I imagine it'll be a fun and fantastic spectacle for some when it hits theaters but I'm with the choir on this one. At first glance with actress Rosa Salazar in the title role, this might as well have been a Pixar movie.
Holy shit. Visionary filmmakers James Cameron (AVATAR) and Robert Rodriguez (SIN CITY) create a groundbreaking new heroine in ALITA: BATTLE ANGEL, an action-packed story of hope, love and empowerment.Set several centuries in the future, the abandoned Alita (Rosa Salazar) is found in the scrapyard of Iron City by Ido (Christoph Waltz), a compassionate cyber-doctor who takes the unconscious cyborg Alita to his clinic. When Alita awakens she has no memory of who she is, nor does she have any recognition of the world she finds herself in. Everything is new to Alita, every experience a first. As she learns to navigate her new lif…