11/22/2023 0 Comments Open road entertainment![]() ![]() Following TMP’s acquisition of Open Road in late 2017, most industry watchers assumed Tang had raised at least enough capital to carry the company through its existing slate of inherited titles, no matter how poorly they performed. Tang has been clear from the start that his underlying strategy was to get TMP to an IPO exit, most likely in Hong Kong, within at least two years. At the event in Hong Kong in April, Tang again said the company was “holding a D round of pre-IPO fundraising.” But sources say the exec hasn’t been able to raise the money, putting Friedman’s team in a state of limbo. In February, Tang hired investments banks to raise $200 million for Global Road’s film division. Last November, during the company’s rollout phase, Tang told THR that Global Road was conducting a “growth raise for approximately $150 million in equity.” Given Blumhouse’s impressive commercial track record - the company’s many hits include Get Out, Split and the Paranormal franchise - the alliance was instantly viewed as a coup for Tang, although many also wondered how he would get horror projects past China’s notoriously strict censors.Īt each step along the way, however, Tang has simultaneously hinted that the company was in need of additional working capital. Two months later Tang again had big-ticket news to announce: During the Shanghai International Film Festival, the Chinese exec and genre hitmaker Jason Blum took the stage together to share that TMP and Blumhouse Productions had signed a deal to co-develop and co-finance a slate of Chinese-language horror and thriller films to be distributed in China. Joe) to produce a big-budget martial arts action film, The Last Masters. At the same event, the company said it had signed veteran producer Lorenzo di Bonaventura ( Transformers, G.I. Not long after, in April, Tang and Friedman hosted a gathering in Hong Kong to announce that Global Road had partnered with Tencent and investment company China Everbright to acquire 10 to 20 Hollywood films per year for distribution in China. At an event held during the Berlin Film Festival in February, Friedman and the company’s incoming president of international, Rodolphe Buet, told an event packed with international film buyers that Global Road had amassed a $1 billion war chest to spend on film production over the coming three years. Tang spoke of grand plans of bridging the world’s two largest film markets - North America and China - by leveraging the unique strengths of each territory: moviemaking prowess in Hollywood, box-office growth in China - a strategy he regularly referred to as his “dual-core business model.” Thanks to his insider’s touch in both markets and cultures - he had served as a behind-the-scenes broker of some of the biggest Hollywood-China deals in recent memory, such as Huayi’s 18-picture slate investment at STX Entertainment - Tang said he would succeed where past would-be Sino-Hollywood tycoons, such as Dalian Wanda Group’s Wang Jianlin, had faltered.įriedman and Tang then hosted several road shows where they spoke of Global Road’s plans with breathless ambition. In October, Tang’s new empire was rebranded Global Road Entertainment, with offices in Los Angeles, Beijing and Shanghai. (Ford, who opposed the acquisition, was unceremoniously shown the door by Tang’s team.) distribution operation Open Road Films for $28.8 million and installed Friedman as the head of the mini-studio. In August 2017, Tang Media Partners acquired U.S. The two transactions were estimated to be worth a combined $200 million. Tang began his Hollywood foray in mid-2016 when Tang Media Partners, backed by major China investors China Media Capital Partners, Huayi Brothers Media, Tencent and Sequoia Capital’s Neil Shen, bought Stuart Ford’s leading foreign sales, production and financing company IM Global and simultaneously launched a television co-production fund with Tencent. That followed the messy implosion of Ryan Kavanaugh’s Relativity Media. The indie studio landscape has undergone seismic shifts in the past year with the epic collapse of Harvey Weinstein’s The Weinstein Co. Lionsgate Brings Back Mask Mandates in Office ![]()
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