Beijing-based Perfect World Pictures, advised by Manatt, closed a credit facility with East West Bank and JPMorgan to capitalize the second phase of its ongoing five-year slate finance agreement with Universal Pictures. The credit facility deal received press coverage from The Hollywood Reporter, Variety, and The Wrap. Manatt’s Lindsay Conner, co-chair of the firm’s entertainment and media practice, led the team, which included partner Sophia Yen and associate Cailey Hagenson.
Last year, Conner helped Perfect World Pictures negotiate a $500 million, five-year, 50-film co-finance agreement with Universal. Significantly, this is the first time a Chinese company has directly invested in a multiyear slate deal with a Hollywood studio, and it is the largest-ever Chinese investment in a Hollywood film slate.
“This credit facility represents a continuing commitment by Perfect World Pictures to the Universal slate finance deal,” Conner told The Hollywood Reporter. “The deal should reassure people that the China-Hollywood partnership is alive and well. It shows that sophisticated Chinese entertainment companies remain strong partners for Hollywood studios.”
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