China media firm goes to Hollywood with $250m Universal deal

A Chinese entertainment firm said Thursday it will offer $250 million in financing to US studio Universal Pictures, the latest deal to turn the spotlight on the country's Hollywood ambitions. Beijing-based Perfect World Pictures will invest in Universal's films for the next five years, it said in a statement to the Shenzhen stock exchange where it is listed. Perfect World is best known in China for producing television shows, though it is also behind popular domestic films like the 2009 romantic comedy "Sophie's Revenge" featuring well-known Chinese actresses Zhang Ziyi and Fan Bingbing.

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