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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.
Making a film of any kind takes some seriously hard work, especially one that pushes boundaries. I've never been in an editing booth, although I can imagine the tediousness that comes with putting together a project that can be physically and mentally demanding on its face. Throw in the bread and butter of special visual effects and although your time is your own, you're ultimately on a whole other battlefield. It's an emotion that's understandable for want of being a creative and to be able to share it with audiences. After all you've been through in life until now and investing a heavy portion of your time and energy on a project like Black Lightning: Tobias's Revenge, actor and filmmaker Choice Skinner is more than qualified on the matter after winning Best Fan Film at the Urban Action Showcase and Expo last November.
"The team and I were honored to have been selected and screened at such a prestigious event." says Skinner before giving praise to the…
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…
Welp... it's been a less than ceremonious weekend for me. Being sick didn't help much for want of seeing Black Panther (guess who is avoiding Facebook to abstain from spoilers!), but it did give me a chance to do some important work for the site.
Ultimately, that includes introducing the week's entries for The Hit List now online and with none other than stuntwoman Tally Rodin getting our stunt playlist off to an explosive start. Following that are reels by Aidan Kennedy, Ronnie Shalvis, Nilo Ghajar-Williams, Thomas Lorber and a parkour jam sesh hosted by 3Run. Rounding it all out are Daniel Bodlák, Marco Falcone, Emily Tung, Jae Greene, Rebecca Ahn and Robin Calvo.
Making the trailer rounds this week we now have a look at an upcoming project over at the Lunar Stunts channel with Cabine Mortelle. Plot details are nil but the teaser itself is really all you need to figure it out as it somehow leads to some fantastic fight scenery among our cast listing Allen Quindiagan, Pa…