Losses at Huayi Brothers Media one of China’s longest-running private sector film studios, hit $567 million in 2019. CEO Jerry Ye (aka Ye Ning) has resigned and will be replaced as head of fi…
has resigned and will be replaced as head of film operations by James Wang Zhonglei, co-founder of the group and its current deputy chairman.
Huayi was one of the pioneers of film-making in the era after China ended the state studio monopolies at the beginning of the 21st century. It has since diversified from film into animation, television production, fashion and theme parks. The closure of cinemas from late January, due to the coronavirus, has caused further damage to traditional studios and distributors in China without a significant online component. Huayi’s losses between January and March rose from $13.2 million to $20.3 million .
The investment injections come with multiple strategic co-operation deals. Alibaba’s money is provided through Alibaba Pictures, with which Huayi promises to cooperate on film and TV content production, film distribution, live entertainment and artist management. Tencent’s cash buys it Huayi’s cooperation on international projects, video games and short-form video content.
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