Star East pays $130m for Bob and Partners

Star East Holdings is aiming to become the world's biggest provider of Chinese-language film and television entertainment with the acquisition of production house Bob and Partners for $130 million.

Bob and Partners, which has three of Hong Kong's most acclaimed directors on contract, is planning to make between six and eight films and 300 hours of TV drama next year in co-operation with other companies.

Vice-chairman Wong Jing said that a minimum of $60 million would be invested in the productions next year, which would be sold to cinemas, TV networks and Internet content providers.

'There are many potential channels and platforms,' Mr Wong said.

'I know at least 40 companies looking for entertainment content and can't find enough.' Mr Wong added that some of its entertainment content could be placed on the company's Web site, Stareastnet.com, which now receives more than one million visitors a day.

Mr Wong is expecting subsidiary Bob and Partners to contribute $20 million in net profits to Star East before March next year.