The box office of "Journey to the West to Conquer Demons" exceeded 1 billion, and investors had contradictions about profit sharing
Movie Network News(Text/Li Chao) As of February 25, the box office has exceeded 1 billion, second only to "Lost in Thailand" to become the second runner-up in the box office of Chinese films in the history of film. At noon on the 25th, Huayi Brothers just issued an announcement that as an investor in "Journey to the West", it has obtained nearly 200 million profits and can enjoy 70% to 90% of the distribution income. On the same night, Bigao Group and Culture China Group, executive directors of Stephen Chow, issued an announcement denying Huayi’s identity as an investor and stating that they are the owners of 70% of the income Huayi said. Is Xingye, who has always loved lawsuits, going to dispute with Huayi Brothers again? [Movie Network] The first time we connect with multiple parties, we will take you to find out.
Wang Zhongjun and Wang Zhonglei are the presidents of Huayi
Xing Ye was rumored to have a dispute with the Huayi Brothers
Event review:
Is 40 million yuan just an agent deposit? The identity of Huayi’s investor has been denied
At noon on February 25, Huayi Brothers announced that the box office of "Journey to the West to Conquer Demons" has reached 990 million, and the pre-tax profit is nearly 200 million yuan. According to the announcement, Huayi Brothers not only collects the distribution agency fee of 12% of the gross income of the film’s distribution in mainland China, but also enjoys 70% to 90% of the net income of distribution in mainland China. However, Bigao Group and Culture China Communication Group, where Zhou Xingchi is the executive director, issued a series of announcements on the evening of the 25th, saying that only investors can actually obtain 70% of the calculated net income of the film’s distribution in mainland China.
According to the announcement of Bigao Group in November last year, the investor of "Westward Journey" is a wholly-owned subsidiary of Bigao Group, Weixiu Film, Anle Film and Culture China Communication, but Huayi Brothers is only responsible for the promotion and distribution of "Westward Journey" in the mainland. It is not an investor and is not eligible for the "70% to 90% share income" mentioned in the previous Huayi announcement.
At the same time, the relevant person in charge of the Cultural China Group also broke the news to the media that Huayi Brothers is indeed only the issuer and not the investor, and signed a "guaranteed distribution agreement". The 40 million advance production payment that Huayi previously paid for the "Westward Journey" is only the "agency deposit" in the guaranteed agreement. This amount does not represent that Huayi is one of the investors of the "Westward Journey". The announcements of these listed companies are very different, and many industry insiders began to speculate that Huayi Brothers, Bigao and Cultural China are very likely to have disputes due to unclear account sharing. A user named Cao Shishan said on Weibo: "Wang Zhonglei seems to be involved in a lawsuit with Zhou Xingchi."
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