SHANGHAI, China, May 18 /PRNewswire/ -- Metro-Goldwyn-Mayer Studios
Inc. (MGM) has signed a licensing agreement with Hong Kong's Tengxun
Entertainment and Management Ltd., with the participation of Shanghai
Tianhong Real Estate Investment Co. Ltd., which allows for the development
and construction of MGM STUDIO WORLD, a lifestyle center built around the
MGM brand and its intellectual properties.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070518/LAF022 )
(Logo: http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO )
Currently under development, MGM STUDIO WORLD will be located in the
Changfeng Ecological Business District, southern part of Putuo District in
Shanghai. It is an indoor venue combining dining, unique retailing,
night-time venues and entertainment in a space of approximately 200,000
square feet. The consumer-friendly entertainment destination is slated to
be unveiled in the summer of 2010 to coincide with the World's Fair Expo in
Shanghai.
According to initial designs, the historic MGM logo will be prominently
displayed at the entrances to the complex. Large, colorful images will be
selected from the studio's vast film library of approximately 4,000 titles,
which will be incorporated into the complex's decor. Among the key MGM
branded areas within the complex are the exterior marquee, the central
plaza spectacular (a multimedia show incorporating water features, special
effects and films from MGM's library) and branded merchandise, MGM STUDIO
WORLD will include special events as well as promotions of MGM's glorious
history and current theatrical and television content.
Consumers recognize MGM as having the best brand name in the
entertainment world. The studio's franchises include "James Bond," "Rocky,"
"Pink Panther," "Stargate," and "The Thomas Crown Affair," along with MGM's
classic library of films and television programs.
In making the announcement, Harry E. Sloan, Chairman and Chief
Executive Officer, MGM, stated: "We are placing the MGM Brand in China in a
big way. Given our studio's rich history, MGM is synonymous with Hollywood
and we are excited to bring this experience to consumers in Shanghai, which
is one of the most dynamic cities in the world. MGM STUDIO WORLD is the
first step in bridging traditional Hollywood Entertainment with China's
film and television industry in the region. We are looking forward to
utilizing this project as a way to build strong partnerships with China in
the future."
"We are extremely honored to have MGM as our partner to create the
state-of-art entertainment themed environment for the Chinese consumers. We
are confident that the MGM STUDIO WORLD will become one of the best
shopping and entertainment venues in Shanghai," said Mr. Chai Zhi-kun,
Chairman of Shanghai Tianhong Real Estate Investment Co. Ltd.
Commenting on the collaboration between MGM and Shanghai Tianhong, Dr.
Bao Hwang, President of Hong Kong Tengxun Entertainment Management Ltd.
added: "This project sets a new standard of collaboration between the
entertainment industry and commercial real estate to create an
entertainment themed lifestyle entertainment centre. We are looking forward
to working with MGM and leveraging this exciting project to develop more
business opportunities in China."
The MGM license was negotiated with a joint partnership of Shanghai
Tianhong Real Estate Investment Co. Ltd, and Hong Kong registered Tengxun
Entertainment Management Ltd. With total investment of up to RMB1.2
billion, Tianhong will be the developer and constructor as Tengxun is a
project manager for the overall project and responsible for the business
operation after completion. While MGM will not make any financial
investments in the project or operate it, the studio will serve as the
licensor and creative collaborator for the entire project.
About Metro-Goldwyn-Mayer Inc.
Metro-Goldwyn-Mayer Inc., through its operating subsidiaries is
actively engaged in the worldwide production and distribution of motion
pictures, television programming, home video, interactive media, music and
licensed merchandise. The company owns the world's largest library of
modern films, comprising around 4,000 titles. Operating units include
Metro-Goldwyn-Mayer Studios Inc., Metro-Goldwyn-Mayer Pictures Inc., United
Artists Films Inc., MGM Television Entertainment Inc., MGM Networks Inc.,
MGM Distribution Co., MGM International Television Distribution Inc.,
Metro-Goldwyn-Mayer Home Entertainment LLC, MGM ON STAGE, MGM Music, MGM
Worldwide Digital Media, MGM Consumer Products and MGM Interactive. In
addition, MGM has ownership interests in international TV channels reaching
nearly 110 countries.
MGM ownership is as follows: Providence Equity Partners (29%), TPG
(21%), Sony Corporation of America (20%), Comcast (20%), DLJ Merchant
Banking Partners (7%) and Quadrangle Group (3%). For more information,
visit http://www.mgm.com.
About Tengxun Entertainment and Management Limited
Tengxun Entertainment and Management Limited was established in Hong
Kong by private investor Dr. Bao Hwang in 1999. The company business
involves media entertainment and consultancy. In 2007, it became the
exclusive licensee of MGM in the Shanghai region to develop MGM STUDIO
WORLD.
About Shanghai Tianhong Real Estate Co. Ltd and Tianhong Group
Shanghai Tianhong Real Estate Investment Co. Ltd. was established in
2004 by Beijing Tianhong Group and Beijing Tianhong Real Estate Investment
Co. Ltd. Shanghai Tianhong won the Changfeng, Plot 2 from a competitive
group of bidders. This was because of its creative master plan and strong
financial background. Plot 2 (The North) is listed in the Shanghai City
Government "Five Year City Development Plan: Modern Service Zone" and
planned as 300,000 sqm of world-class entertainment and commercial space.
Tianhong Group is the parent company of Shanghai Tianhong. Tianhong
Group has recruited a group of overseas professionals, together with locals
who possess high educational backgrounds and skills, to build the Changfeng
project. These professionals will create the new benchmark standard for
Tianhong Group in the Shanghai real estate industry.
CONTACT: Jeff Pryor
Executive Vice President/Corporate Communications
Metro-Goldwyn-Mayer Inc.
p. 310-449-3446; e. jpryor@mgm.com
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