Aston Villa’s owner Tony Xia to take majority stake in Hollywood Millennium Films
The deal eyeing 51 per cent stake of the target would worth no more than US$100 million
Tony Xia, Chinese owner of the UK championship soccer club Aston Villa, is in talks to acquire a 51 per cent stake of a Hollywood movie studio for no more than US$100 million, a filing by the Shenzhen-listed company Xia controls said on Wednesday afternoon.
An executive of Xia’s company confirmed with the South China Morning Post that the target of the acquisition is Los Angeles-based Millennium Films.
Wenyuan Cable Co. said in a filing that the company is to acquire s 51 per cent stake in a film studio from a US film production company, for no more than US$100 million, through Sure Lead Holdings, a subsidiary registered in Hong Kong.
While the completion of the deal is pending final negotiation for specific terms and approval by regulators, including China’s Ministry of Finance, and the foreign exchange watchdog the State Administration of Foreign Exchange, the filing said, noting Wenyuan Cable will resume trading from Thursday.
The company has been suspended from trading since January 26. The company has a market value of around US$1.2 billion.