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szdaily -> Business_Markets
Fosun explores sale of Hollywood studio stake
    2017-December-27  08:53    Shenzhen Daily

FOSUN Group, backed by billionaire Guo Guangchang, has explored options for its stake in Hollywood production house Studio 8 Inc. including a sale, according to sources familiar with the matter.

The insurance-to-pharmaceutical conglomerate has approached investors to discuss possibly disposing its stake as well as financing for films Studio 8 is producing, said the sources. Fosun values the studio, which it bought about three years ago, at as much as US$1 billion, one of the sources said.

Fosun is not in formal talks with the potential suitors and may decide to retain its holding, according to the sources. The group has 80 percent equity interest in Studio 8’s Class A investors, which, in turn, own 60 percent of the company, a filing shows.

Fosun is “very supportive and continues to be committed to Studio 8 as a long-term strategic shareholder,” the company said in an email.

Shanghai-based Fosun, which owns stakes in Club Med and Cirque du Soleil, is among China’s most acquisitive firms. It’s also among the companies that have come under scrutiny amid a crackdown on outbound deals that the government deems “irrational.”

Earlier this month Fosun entered exclusive talks to acquire Italian lingerie maker La Perla and agreed to buy part of China’s Tsingtao Brewery Co.

Studio 8’s founder Jeff Robinov is a former executive at Warner Bros. Pictures.

The production house, established in 2014, has US$1 billion of financing and was funded in partnership with Fosun and Sony Pictures Entertainment Inc., its website shows.

Sony invested an undisclosed amount in Studio 8 in 2014 and agreed to distribute as many as six films a year for the studio.

(SD-Agencies)

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