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Chinese company to pay Dick Cook Studio $500 million for movies

A private film company in eastern China has agreed to invest at least $500 million in the studio of former Walt Disney boss Dick Cook to make movies to be distributed worldwide, the companies announced. The deal is the latest tie-up between Hollywood and Chinese companies as China offers overseas producers more investment opportunities and both look to increase their presence in each other’s film industries. Los Angeles-based Dick Cook Studios and Film Carnival, a film producer and distributor located in Zhejiang province, announced the deal in a statement on Tuesday. Film Carnival will finance 100 per cent of the movies developed, produced, distributed and marketed by Dick Cook Studios. The Los Angeles-based company will also help Film Carnival produce its own movies in China. The first movie will be “Ranger’s Apprentice,” based on a book series and set to begin production in fall 2016. Paul Haggis, who wrote “Million Dollar Baby” and “Crash,” will direct the movie.
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