Universal Pictures and China-based Perfect World Pictures have today announced that the companies have entered into multi-year financing agreement which will include films across the entire Universal slate.
Lasting five years and beginning this year, the $250 million deal includes the co-financing of a whopping fifty pictures with the specific titles to be announced at a later date.
This marks the first time a Chinese company will invest in a multi-year slate deal with a major studio, and it will receive a proportion of global ticket sales, television and merchandising revenues for the films it funded. Legendary Entertainment will continue to finance some select Universal titles.
At the same time as the deal was announced, the studio has pushed back one of its classic monster movies, an unspecified title that was to be released March 30th 2018 will now open April 13th of that year – getting out of the way of Spielberg’s “Ready Player One”.