Huanxi Media & MUBI Partner On China OTT Movie Service
Hong Kong - Huanxi Media Group Limited (stock code: 1003), a fast-growing company listed in Hong Kong, announced today that it had signed an agreement with MUBI, a globally curated video website, to establish a strategic alliance with a view to launching an online curated movie and video service in China in 2016.
Huanxi Media will invest US$10 million to acquire 8% of the interests of MUBI; in addition, Huanxi will make an investment of US$40 million to establish a joint venture named “MUBI China” and hold 70% of interests in MUBI China. MUBI will hold 30% of interests of MUBI China by contributing its intellectual property rights and exclusive technologies.
Huanxi Media was founded by Mr. Dong Ping, one of China’s most accomplished movie investors/producers in the last 20 years, and Mr. Ning Hao and Mr. Xu Zheng, two successful directors. The past credits of Mr. Dong Ping include a number of outstanding films, such as Let the Bullets Fly, Crouching Tiger and Journey to the West. Mr. Dong was formerly the founder and chairman of ChinaVision Media Group Limited (now known as Alibaba Pictures Group Limited). Huanxi’s most recent releases include Lost in Hong Kong, which, with RMB 1.6 billion (US$ 244 million) box office receipts.
Head-quartered in London, MUBI is a curated video service website of global presence whose services are available in over 200 countries and territories around the globe. With a monthly subscription, MUBI introduces a new film to its members every day for 30 days, which is accessible across multiple devices.
Commenting on the transaction, Mr. Dong Ping, executive director of Huanxi Media said: “As China’s movie market grows rapidly, the online video and movie sector is also expanding quickly. As a result, there is a growing demand by Chinese audiences for quality content online. Our Joint Venture with MUBI would allow us to combine our deep expertise in creating, acquiring original, event-driven content in China with MUBI’s powerful, user-friendly platform.”
Efe Cakarel, founder and CEO of MUBI added: “We are thrilled to launch MUBI in China this year. The foundation of MUBI has always been to ensure film fans have access to the best films around the globe, from London to Beijing, wherever and whenever they want. Through our Joint Venture with Huanxi Media, we will be able to do just that: introduce a curated film offering in the country with the largest population in the world - and soon the largest film market in the world.”
Source: Huanxi Media