Hollywood
Chinese domestic movie market sees 35 per cent growth
NEW DELHI: Even as India continues to produce the largest number of films, China has shown a major growth with total box office revenue for the first nine months of the year at RMB16.4 billion (US$2.7 billion), a year-on-year growth of 34.9 per cent.
With a market share of approximately 58 per cent, domestic films continue to rule the market with RMB9.56 billion (US$1.57 billion) in total revenue, a year-on-year growth of 93.8 per cent, according to China’s State Administration of Press, Publication, Radio, Film and Television (SAPPRFT) in the third quarter box office statistics.
Five of the top ten grossing films of the first nine months of the year are domestic films that include Journey to the West: Conquering the Demons (RMB1.24 billion), So Young (RMB 715 million), American Dreams in China (RMB 538 million), Finding Mr. Right (RMB 518 million) and Tiny Times 1 (RMB 488 million).
Opening at the end of September, Young Detective Dee: Rise of the Sea Dragon has already surpassed American Dreams as the third top grossing domestic film of the year. By last week, it had taken RMB 583 million.
Several major releases set for December are expected to further lift domestic films:
Benny Chan’s The White Storm, Feng Xiaogang’s Personal Tailor, Alan Yuen’s Firestorm, and Ding Sheng’s Police Story 2013.
Foreign films made RMB 6.87 billion (US$1.13 billion) in total revenue, a year-on-year decline of 5.2 per cent. This represents somewhat of a recovery over the summer. In the first half of the year, foreign films were recorded as experiencing a year-on-year decline in box office revenue of 21.3 per cent.
The top five grossing foreign films of the first nine months of the years — three of which were in cinemas during the third quarter are: Iron Man 3 (RMB 751 million), Pacific Rim (RMB 694 million), Furious 6 (RMB 412 million), The Croods (RMB 394.8 million) and Man of Steel (RMB 394.6 million).
Hollywood
Paramount seeks FCC nod for foreign-backed $110 billion WBD deal
Gulf funds back merger as foreign stake nears 50 per cent, control stays with Ellison
NEW YORK: Paramount Global has approached the Federal Communications Commission seeking approval for foreign investments tied to its proposed $110 billion acquisition of Warner Bros. Discovery, marking another key step in one of the biggest media deals in recent years.
According to regulatory filings made public this week, the investment backing the deal includes major Gulf sovereign funds such as the Public Investment Fund, the Qatar Investment Authority and L’imad Holding Company. Together, foreign investors are expected to hold just under 50 per cent of Paramount’s equity once the transaction is complete.
Despite the sizeable international backing, Paramount has made it clear that voting control will remain with the family of chief executive David Ellison, ensuring the company stays firmly under US control as required by broadcasting rules.
A company spokesperson described the FCC filing as routine for transactions involving foreign capital and stressed that it does not impact the closing of the deal. Under US law, any significant foreign ownership in broadcast licence holders must undergo regulatory review.
The merger itself has already cleared a major hurdle, with Warner Bros. Discovery shareholders approving the deal on 23 April. The transaction values the company at $31 per share, a 147 per cent premium to its earlier trading price, reflecting strong strategic intent behind the tie-up.
If completed, the combined entity will bring together a vast portfolio including Warner Bros. film studios, HBO Max, and networks such as CNN, TNT and Discovery Channel. The deal is currently expected to close in the third quarter of 2026.
However, scrutiny is intensifying. The US Department of Justice has issued subpoenas seeking details on the merger’s potential impact on cinema competition, streaming services and content licensing. Reviews are also anticipated in international markets, including the United Kingdom.
There is also a financial safety net built into the agreement. If regulators ultimately block the deal, Paramount would face a $7 billion break-up fee. Additionally, the company has taken on $2.8 billion in obligations previously owed by Warner Bros. Discovery to Netflix following an earlier terminated arrangement.
Paramount maintains that easing foreign ownership barriers will unlock fresh capital and strengthen its ability to compete in a rapidly evolving media landscape. For now, the spotlight remains on regulators, whose decision will determine whether this global media consolidation moves from script to screen.
