The first joint venture film screening company set up by Warner
Bros Theaters International was launched in Shanghai, China's
biggest city, on Saturday.
The joint venture, Shanghai Paradise Warner Cinema City Co, was
described by insiders as the beginning of Warner's investment in
the Chinese film screening sector.
Shanghai Paradise Co, which owns 51 percent of the shares of the
joint venture, formed the joint venture in cooperation with the
American company, while Warner Bros. Theaters International owns 49
percent of the shares.
The joint venture has a total investment of 28 million yuan (US$3.4
million).
Ellen R. Eliasoph of Warner Bros Theaters International, who is in
charge of the company's China business, said Warner is beginning to
open up film distribution channels, producing films and investing
in screening outlets in China.
Located in downtown Shanghai, the cinema city has nine halls with
1,398 seats.
Shanghai Paradise Co is an important player on the Chinese film
market as it controls 57 cinemas and 126 screens, about 75 percent
of the total in Shanghai. Its box office accounts for 80 percent of
the total in Shanghai.
Shanghai Film Group Corp, the biggest film company in Shanghai, has
a controlling share of the Shanghai Paradise Co.
Zhu Yongde, board chairman of the group company, said they are
negotiating with Warner on a package of cooperation.
(Xinhua News Agency July 13, 2003)