Chinese co-production agreement
24 September 2009 - 8:00AM
UK Regulatory
TIDMGON
RNS Number : 5713Z
Galleon Holdings PLC
24 September 2009
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| Date: | 24 September 2009 |
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| On behalf of: | Galleon Holdings plc ('Galleon', 'the Company' or 'the Group') |
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| Embargoed for: | 0700hrs |
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Galleon Holdings PLC
Co-production agreement for Sokator-442 movie
Galleon Holdings plc (AIM: GON), the AIM listed entertainment media company
developing and producing multi-platform properties ("MEPs") with a focus on
emerging markets, announces that it has entered into a co-production and
distribution agreement with one of China's largest movie producers and
distributors, PolyBona Film Distribution Co. Ltd ("PolyBona"). This is the first
such production agreement for an animated movie with a UK company in the Chinese
market.
Under the terms of the agreement Galleon and PolyBona will co-produce an
animated feature film based on Galleon's multi-platform science fiction football
fantasy Sokator-442. Polybona will distribute the film through cinemas and
other media channels in China, and its associate company Distribution
Workshop will distribute through its network across South East Asia, including
Hong Kong, Macau, Brunei, Burma (Myanmar), Cambodia, East Timor, Singapore,
Malaysia, Laos, Indonesia, Taiwan, Thailand and Vietnam. Galleon is in
negotiations with distributors for other territories.
Polybona holds the largest share of the film distribution market in China.
Founded in 1999, it was the first domestic private firm to receive a film
distribution license from the State Administration of Radio, Film and Television
("SARFT"). During 10 years, the company has distributed over 160 domestic and
foreign films, generating box office revenue in excess of RMB 1.6 billion and
consistently capturing over 20% of the overall market share yearly. It has
become the most successful film distribution company in China. Polybona was
nick-named "the Chinese Miramax" by Screen International in 2005.
Polybona moved into film production in 2003 and by 2009 had invested in,
produced and co-produced over 30 feature films with great success. It is now one
of the leaders in Chinese film production. In 2007, Variety magazine recognized
its transformation "from Miramax to Paramount".
The Chinese cinema market is growing exponentially. In 2008, box office sales
increased by 30% to hit RMB 4.3 billion (GBP0.39bn). In the same year the number
of cinema screens increased by 570 to reach over 4,000 screens across China, of
which 800 are digital. SARFT estimates further growth of an additional 600
screens in 2009. Kung Fu Panda achieved over RMB 100 million in box office sales
in China in 2009 and Wolf and Sheep, a domestic Chinese animation production
distributed by Polybona, grossed over RMB 80 million in box office sales during
this year's Chinese Spring Festival alone.
Sokator-442 is a wholly owned Galleon multi-platform entertainment property that
was launched as an online browser-based game in May 2009. In July a global
distribution agreement was signed with SPIL GAMES, an industry leader in online
casual game portals, and the game is now achieving an average of 500 new players
a day. Galleon has further online distribution plans for this game in China to
coincide with the launch of the movie.
Commenting on the agreement, Stephen Green, CEO of Galleon Holdings, said:
"We are extremely proud to have a partner of the magnitude and reputation of
Polybona. This is the first time that a UK animated movie has been co-produced
in China and unlocks a whole new model for linear entertainment and a wealth of
potential opportunities for Galleon. It is totally consistent with our strategy
of creating brands that can be launched across multiple platforms in China and
then exported to the rest of the world."
Yu Dong, Chairman of Polybona, said:
"I am delighted to be working with Galleon on this project. Sokator-442 has a
unique multi-platform approach to the market and has huge potential in China and
Asia."
- Ends -
Enquiries:
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| Galleon Holdings plc | www.galleonplc.com |
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| Stephen Green, Chief Executive | Tel: 020 8742 3636 |
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| | |
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| Cenkos Securities (Nominated Adviser & | |
| Broker) | |
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| Ken Fleming / Jon Fitzpatrick | Tel: 0131 220 9772 / 0131 220 |
| | 9773 |
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| | |
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| Redleaf Communications | Galleon@redleafpr.com |
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| Samantha Robbins / Mike Ward | Tel: 020 7566 6700 |
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Notes to Editors:
ABOUT GALLEON HOLDINGS
Galleon Holdings plc creates and distributes multi-platform branded
entertainment properties focused on the emerging markets, in particular China
and South East Asia. The entertainment properties are designed to establish a
direct, interactive relationship with the viewer.
Television in China reaches approximately 98% of the population of 1.3 billion.
Mobile phone penetration is also high, with over 500 million subscribers and
with over 300 million people online, China is now the largest online market in
the world. Huge TV audiences and growing interactive platform access presents a
substantial opportunity for Galleon to benefit from the popularity and demand
for interactive entertainment and game shows. China is forecast to become the
world's fifth largest advertising market.
In October 2007 Galleon acquired Phoenix, a Hong Kong based media solutions
company, which specialises in the provision of interactive broadcast television
services that enable broadcasters in China and South East Asia to provide
interactive entertainment for audiences to access through TV, online and mobile.
In February 2008 Galleon acquired Yunbo, a mobile service provider in China,
strengthening the Company's ability to provide Chinese broadcasters with a
complete media solution for multi-platform entertainment. Galleon now has total
control over the interactive content, its delivery to the consumer, data capture
and the billing process.
Galleon develops entertainment formats for children, families and young adults.
These include:
* Super Soccer Star - an interactive family targeted football talent show,
produced in association with Chelsea Football Club. The show has aired
successfully in China and Malaysia. Format rights have been sold for Eastern
Europe, Scandinavia, Turkey, India, Middle East and Vietnam to partners
including IMG and Media Star Global.
* Skunk Fu! - a comedy action animated TV show for kids aged 6-11 which airs in
100+ territories including Cartoon Network(US), the BBC(UK), Disney Latin
America, Cartoon Network Asia and Super RTL(Germany).
* Apollo's Pad - a multiplatform young adult sitcom that airs on Bite TV in Canada
and includes a content rich online offering.
* Sokator-442 - a multi-player intergalactic football (soccer) management game
that combines tactical thinking with fantasy/sci-fi gameplay.
This information is provided by RNS
The company news service from the London Stock Exchange
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