RMO on fast boat to China
ICE, H.K.'s Belford are partners
Their partners are the China-based Intl. Cultural Exchange Audio & Video Publishing House (ICE) and Hong Kong's Belford Group. The new company, to be called the Hweilai Organization, will initially consist of Hweilai Studios and related Hweilai film and TV companies.
Idea is to create English-language TV and film product for the U.S. and international marketplaces.
The creation of Hweilai comes as China moves to open its doors to foreign investment and product, having last week decided to open up distribution in the country to multiple local players.
The opening of Hweilai Studios is slated for Aug. 8, while production of the initial 22 episodes of Hweilai's first series, "Flatland," is scheduled to commence concurrently.
"Our decision to privately finance the studios and individual projects has as much to do with the needs of the global marketplace and the vast opportunity in China as with creative control and equity ownership," said RMO co-founder Andre Morgan, who will divide his time between Shanghai and Hollywood.
During his 30-year career, Morgan has produced such films as "The Boys in Company C," "Lassiter" and "Mr. Magoo." He also boasts extensive production experience in China and fluency in Mandarin and Cantonese.Ruddy, producer of such series as "Hogan's Heroes" and "Walker, Texas Ranger" as well as such films as "The Longest Yard" and "The Godfather," was recently feted with a retrospective at the fifth annual Shanghai Film Festival, where "The Godfather" was shown for the first time ever in China.
Capitalized initially at $200 million, ICE and Belford have committed $100 million to Hweilai Studios for the coming year. The Hweilai Organization is also negotiating with a group of Asian banks for a revolving credit facility of $350 million dedicated to financing English-language movies, TV series and minis.
