China's Recon Group in Talks to Acquire Millennium Films (Report)

The Chinese conglomerate bought British soccer team Aston Villa from the former owner of the Cleveland Browns last year.

Chinese conglomerate Recon Group, headed by businessman Tony Xia, is in talks to acquire Avi Lerner’s Millennium Films, producer of The Expendables franchise and genre flicks like Olympus Has Fallen.

The purchase would be made through Recon’s Shenzhen stock exchange-listed subsidiary Recon Wenyuan Cable Co., Bloomberg reported Tuesday, citing two unnamed sources. No potential price tag has been reported. 

Xia’s firm took over Wenyuan Cable — a manufacturer of wires and cables — last October and has sought to shift the company’s focus to entertainment. Last May, Recon Group, which owns businesses in industries ranging from infrastructure to healthcare, bought British soccer club Aston Villa from Randy Lerner, former owner of the Cleveland Browns.

Should a deal close, Millennium would join a growing list of Hollywood entertainment firms that have transferred to Chinese ownership. Other high-profile acquisitions include Dalian Wanda Group’s purchase of Legendary Entertainment and Dick Clark Productions, for $ 3.5 billion and $ 1 billion, respectively. Los Angeles-based Tang Media Partners, which is backed by Chinese investment, also snapped up Stuart Ford’s IM Global last summer.

More to come…  

Let’s block ads! (Why?)

Movies