The pair have joined forces with veteran US film producer Robert Simonds, whose films including Adam Sandler hits Happy Gilmore, pictured, The Wedding Singer and The Waterboy have generated more than $6bn in global revenue.
A statement from TPG Growth and Hony said the yet-to-be-named venture aimed to invest well over $1bn in new film production over the next five years.
Simonds said, “The seismic shifts in the entertainment industry have produced exciting new opportunities in content, production and distribution.
“Together with our partners, we are creating a studio with the flexibility, global scale, and experience required to seize this opportunity.
“Star-driven, mid-budget films are an underserved market and with our proven track record in this area, we are uniquely positioned to successfully partner with traditional distributors in North America, expand in the vast Chinese market, and capitalize on new, still developing digital channels.”
Hony CEO John Zhao added, “This is the first investment a Chinese company has made into a Hollywood studio; and it is a perfect example of how investors bring in various but unique resources to create a new-age studio.
“Together with its strategic partners like SMG and PPTV, Hony Capital will bring in the best mix of China’s market resources to help Bob and his veteran team execute the first global-market focused, vertically-integrated studio that Hollywood has seen in a decade.”
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