SAIF Partners and IDG China Media Bring Relativity Media in as Partner of SkyLand Film and Television Cultural Development Ltd. (“SkyLand”), which Will Serve as the Platform for Their Future China Film Endeavors
(Beijing, China) August 14, 2011 – SAIF Partners, a leading Asian Private Equity Firm, and IDG China Media, a China-focused investment arm of Boston-headquartered International Data Group (IDG), and Relativity Media announced today that they have formed a partnership to develop, produce, distribute and acquire Chinese material that also possesses worldwide appeal.
Relativity will distribute all of its future films in China, including Immortals, Act of Valor, and Relativity’s Untitled Snow White Project through SkyLand. SkyLand is a fully-funded, vertically-integrated film and multimedia production, distribution and financing company, which was jointly owned and controlled by SAIF Partners and IDG China Media, and now is also owned by Relativity. SkyLand is also partnered with a China-based RMB fund to co-invest in local film and television content and production, which is the equivalent of $100 million US dollars. The parties are already working on numerous projects which will bring well-known Chinese folklore and content to the big screen and to audiences worldwide.
SkyLand functioned as SAIF Partners and IDG China Media's entertainment arm, and most-recently co-produced Snow Flower and the Secret Fan, inspired by the worldwide best-selling novel by Lisa See, with screenplay penned by Academy Award® winning writer Ron Bass (Amelia) and directed by Wayne Wong (The Joy Luck Club). Backed by two leading investment firms in China and now co-owned by Relativity Media, SkyLand is on track to grow into a competitive production and distribution entity at the forefront of American and Chinese entertainment and media. SkyLand was formed by SAIF and IDG over two years ago and has been very active in and at the forefront of the Chinese film and television business.
“China is the fastest-growing film market in the world, with over 6,000 screens and over $1.5 billion in box office revenue last year, an increase of over 60% last year alone. We’re excited to be entering into this booming market with such great partners in SAIF, IDG and our new strategic partnership with Huaxia. Given the substantial platform created by SAIF and IDG in SkyLand, we believe together we can grow a distribution business in China which brings global product to China, and brings Chinese product to the global market,” said Relativity’s CEO, Ryan Kavanaugh.
Andy Yan, Managing Partner of SAIF and a large investor in SkyLand and Relativity said, "The China entertainment industry has become one of the fastest and most lucrative industries in China today. Until now, there has been a major void in bridging the two worlds of the American and Chinese film industries. After spending significant time learning about Relativity's business and how they approach the international markets, we couldn't be more pleased to have entered into what will undoubtedly be a revolutionary shift in the China film business as we know it. Relativity's business model has revolutionized the film business in the US, and this partnership will do the same for China."
Hugo Shong, Founding General Partner of IDG China Media and a co-financier of SkyLand said, “We couldn't be more excited about creating this revolutionary partnership, and simultaneously entering into a strategic partnership with Huaxia, who has successfully distributed such films as Harry Potter, Transformers, Kung-Fu Panda, Fast Five, Prince of Persia: The Sands of Time, 2012, Alice in Wonderland, Sherlock Holmes and many others in China."
ABOUT RELATIVITY MEDIA, LLC
Relativity Media is a next-generation studio engaged in multiple aspects of entertainment, including full-scale film and television production and distribution, the co-financing of major studio film slates, music publishing, sports management and digital media. Additionally, the company makes strategic partnerships with, and investments in, media and entertainment-related companies and assets.
To date, Relativity has committed to, produced and/or financed more than 200 motion pictures. Released films have accumulated more than $16 billion in worldwide box office receipts. Relativity’s recent films include: Cowboys & Aliens, Bridesmaids, Hop, Limitless, Battle: Los Angeles, Season of The Witch, Little Fockers, The Fighter, The Social Network, Salt, Despicable Me, Grown Ups, Dear John, It’s Complicated, Couples Retreat and Zombieland. Upcoming films for Relativity include: Shark Night 3D, Machine Gun Preacher, Immortals, and Anonymous. Thirty-seven of the company’s films have opened to No. 1 at the box office. Relativity films have earned 60 Oscar® nominations, including nods for The Fighter, The Social Network, The Wolfman, Nine, A Serious Man, Frost/Nixon, Atonement, American Gangster and 3:10 to Yuma. Fifty-eight of Relativity’s films have each generated more than $100 million in worldwide box-office receipts.
Relativity also owns and operates Rogue Pictures, a company that specializes in films targeted to the 13-25 year old audience, and RogueLife, Relativity’s digital studio which is developing original content for the Web and creating sustainable online platforms and communities. RelativityREAL, Relativity’s television arm, has 67 projects in production, including 17 original series that are currently airing or will air in the upcoming television season including Police Women for TLC, Coming Home for Lifetime and The Great Food Truck Race for Food Network.
About SAIF Partners
SAIF Partners is a leading Asian private equity firm, with dedicated local offices in China and India. SAIF currently manages over US$3.5 billion.
SAIF makes privately negotiated equity or equity-linked investments across several growth sectors such as consumer products & services, technology, media, telecom, financial services, healthcare, travel and tourism, and manufacturing. SAIF focuses its efforts primarily on China (including Hong Kong and Taiwan) and India.
With a team of investment professionals located in Hong Kong, China (Beijing, Shanghai, Changzhou, Harbin) and India (Delhi), SAIF is an active lead investor working closely with our portfolio companies to develop their business both organically and through acquisitions, seeking synergistic cooperation among them, as well as enhancing shareholder value via promotion of good corporate governance and best management practices.
SAIF's success is based on deep relationships built by its senior investment professionals and its Strategic Partners with entrepreneurs, business leaders and government authorities in the region. Almost all of SAIF's senior investment professionals have lived and worked for substantial portions of their careers in the region. In addition, they have experience in initiating investment opportunities, structuring and negotiating acquisitions, and working actively with portfolio company management teams to maximize investment returns. SAIF has formed a cohesive pan-regional team of investment professionals who possess an ideal combination of private equity experience, international business exposure and local economy grounding.
SAIF’s relationship with its entrepreneurs is built on a shared commitment to excellence. To that end, we are actively involved in our portfolio companies, whether it is recruiting members of a management team, making business development introductions, negotiating deals, finding strategic partners, generating sales leads, or developing new product or business ideas. Our partnership works as a team, bringing on board an array of skill sets, experience and connections. We pride ourselves for the excellent relationships that we have established with our portfolio companies.
For press inquiries, please contact: Nikki Yang (Tel: 86-10-65630353)
About IDG China Media
IDG China Media is an investment arm of Boston-based International Data Group (IDG), the world leading IT publishing, market research, tradeshow and conference company with a total revenue of US$3.16 billion in 2010.
IDG is the first American technology information service company entering the Chinese market. Since the founding of Computerworld weekly, a Sino-US joint venture, in 1980, IDG has over 30 magazines and newspapers in the fields of computer technologies, electronics and telecommunications by means of joint venture or cooperative publishing in China. Annually, it holds over 18 expositions on computer, electronics and telecommunications in China and 60 conferences for overseas major producers in technology and consumer industries. International Data Corporation (IDC), a wholly-owned division of IDG, which is engaged in IT market research and forecast, has its R&D centers in Beijing, Shanghai and Shenzhen.
In 1998, IDG established a joint-venture partnership with The Hearst Corporation, the largest consumer magazine publishing company in the US. The IDG-Hearst partnership successfully launched Cosmopolitan China, Harpers’ Bazaar China and Good Housekeeping China with Trends Media Group, along with similar titles such as National Geographic China, and National Geographic Traveler China of National Geographic Society, Modern Bride of Conde Nast, Men’s Health China of Rodale, and FHM China of EMAP in UK.
IDG launched its venture capital business in China in 1993 with a US$20 million fund, the first US venture capital ever to be formed in the country, which was to become the leading investment firm in China with US$3.8 billion under management as of today. Its investments focus on leading companies in technology, new media and telecommunications (TMT), consumer goods and services, medical and pharmaceutical, culture and tourism, new energy and environmental materials sectors. It has invested in over 200 outstanding diverse companies, including Sohu, Baidu, Ctrip, Soufun, Tencent, Kingdee, Dangdang, Wu-Mart, Home Inn and Hanting Hotels.
For press inquiries, please contact: Karen Ren (Tel: 86-10-65262202)