Pacifica Ventures And Hero Films Announce Joint Venture To Build Film Studios In China
LOS ANGELES, June 7, 2016 /PRNewswire/ -- Film studio development and management company Pacifica Ventures LLC announced today that it has entered into a joint venture agreement with Hero Films and Starlight Media to develop, build and operate film and television studios in Mainland China.
Hal Katersky, Chairman of Pacifica Ventures LLC, said the joint venture would build state-of- the-art soundstages using Pacifica's worldwide exclusive with Sprung Instant Structures Sound Stage Technology. Sprung Instant Structures, headquartered in Calgary, Canada, has built over 12,000 large, open span structures in over 100 countries around the world and is considered the preeminent builder of manufactured, large span structures in the world, have combined with Pacifica's extensive sound stage experience to produce the most cost-effective, most sound- efficient, and most advanced sound stage structures in the world.
"The incredible growth of the media market in China is an outstanding opportunity that can be best met with Hero and Starlight as joint venture partners," added Dana Arnold, Chief Executive Officer of Pacifica Ventures.
Plans include world-class facilities in Shanghai and other growing areas in Mainland China, including Western China, where Starlight's parent owns a number of media related properties and operates a major development concern.
"The double-digit growth of the domestic media market in China is driving an insatiable demand for state-of-the-art soundstages and studio services, which we are excited to meet with the proprietary Sprung-Pacifica soundstage technology," said Peter Luo, President of Starlight USA.
In 2014, Hero Film Ltd established its offices in Los Angeles and Melbourne with an initial investment platform of $1 billion from its strategic partners based in mainland China and Australia. Hero Film focuses on investments in film and television, global entertainment and media-based content businesses. Starlight Media, Inc. is a U.S. based company, formed by the founder and principal investor, Mr. Xu Yan, owner of Chengdu Sunny Property Development Co. Ltd., an award winning real estate company based in Chengdu, Mainland China. The company currently employs over 200 staff and senior management and over the past 20 years has focused on real estate development covering a broad range of property types including high-rise residential and commercial complexes (movie theaters) encompassing over 5 million square meters that currently generate annual sales of over USD $600 million.
Pacifica Ventures, LLC has the unique distinction of having built two state-of-the-art studio facilities in the U.S., including Albuquerque Studios in New Mexico, which Pacifica has managed since designing and building the facility in 2007. Featuring eight of the largest and most modern sound stages in the U.S., ABQ Studios has hosted such major projects as all six seasons of AMC's multiple-Emmy Award winning series Breaking Bad and Twentieth Century Fox's soon to be released Independence Day Resurgence.
http://www.pacificaventures.com/
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Kendal Hurley
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