“Veteran Hollywood film producer Ryan Kavanaugh has reemerged with huge plans to establish a foothold in film production landscape”.
Ryan Kavanaugh has unveiled a new joint venture to get back into film production.
The founder and CEO of Proxima Media has teamed with a Hong-Kong based tourism and media company and intended to develop a world-class film studio and theme park in Foshan, Southern China, and produce up to 10 commercial films a year.
The collaborator, i.e. National Arts Entertainment and Culture Group Ltd. issued its statement on Tuesday, saying it has reached an agreement with the Hollywood Producer, under which he will raise an incredible investment of $100 million within the next nine months.
National Arts is a publicly-traded company on the Hong Kong exchange that has a whopping market capital of HK$1.58 billion ($200 million). Around 100 miles from Hong Kong, the company has a studio in Foshan where 130 film crews shot at the facility last year, according to the company’s annual report.
“We’re going to make commercial movies infused with romance, thrillers, action-packed sequences,” said Kavanaugh, the ex-Relativity Media head and now Proxima Media CEO in an interview. “We hope to make the most of the profits in both countries.”
Under the agreement, Proxima is expected to harness its resources to raise $100 million over the next nine months. The prime motto is to completely transform the studio into “a world-class film-induced tourism base.” In addition to three TV shows, Kavanaugh will produce up to five films a year, not 10, said the company.
What is the context?
This Monday, the volume of foreign trade in China has been known, which grew by 2.8% in the first three quarters of the year, reaching 22.91 billion yuan (3.2 billion dollars and 2 in those nine months) , 9 billion euros). Exports increased 5.4% year-on-year, while imports fell more than expected, by 0.1%.
The managing director of the International Monetary Fund, Kristalina Georgieva, warned last week that the global economy had gone from experiencing a synchronized rebound two years ago to a synchronized slowdown. And, in part, he attributed this situation to the commercial war in China and the US, encouraged by the weakness in Europe with uncertainty before a Brexit without agreement. “The cost of the trade war could reach the size of the entire economy of Switzerland,” Georgieva warned. A total of 700,000 million dollars (about 640,000 million euros) by 2020, about 0.8% of world GDP.
What must be considered?
These data will see the light in full truce. USA and China managed to reach a partial agreement last Friday that the Trump Administration suspended the plan to raise import tariffs of $ 250,000 million from 25% to 30%, while China promised to buy between 40,000 and 50,000 million dollars in US agricultural products. Last Saturday, The New York Times emphasized the growing pressures that both countries experience internally while trying to negotiate a trade agreement.
“We firmly believe that combining our resources will ultimately reduce our true learning curve and quickly bring our hotels, studio, parks, and other production-related facilities to the highest industry standards, creating the most global studio across the globe,” said Sin Kwok-lam, the chairman of National Arts Studio chairman in a statement.
National Arts said Ryan’s new company would assist in attracting large-scale films by building a major modern shooting water studio. The plan also calls to entice international film stars by upgrading the hotel status to “seven-star”.
“This truly will be the start of a new era,” said Proxima’s CEO in his press release. He even added, “Now we have the right place, the right time, and the clear demand to create both a physical and virtual east-west content powerhouse”.