Two Hollywood giants agree to tap home entertainment market in
China through its alliance in distribution.
Universal Studios will soon sell its movies through Warner's
China joint venture, CAV Warner Home entertainment Co. According to
the announcement by the Chinese branch, Warner and Universal
reached a strategic partnership agreement on September 23.
Warner became the first foreign company able to sell home video
products in China. It set up the joint venture with China's top
video publisher, China Record and Video Publishing Company, in
February this year.
The company now has 1,500 outlets in China. Lin Dongfang,
president of the company, said Warner has Hollywood's largest movie
stockpile and Universal owns plenty of blockbusters, and the
alliance will benefit both.
Craig Kornblau, president of Universal Home Entertainment Co.,
said China is a very important market for Universal and Hollywood
as a whole.
(Xinhua News Agency October 9, 2005)
