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Legendary Entertainment Forms Chinese Film Studio

Poster for Harry Potter 7 in Shanghai.

Just a few days after Relativity Media announced it would be forming a separate outfit to produce Chinese films and distribute them there and worldwide, Legendary Entertainment is also jumping into the fast-growing Chinese market. The company plans to raise over $220 million to fund the studio and already has a Hong Kong–listed partner and Chinese conglomerate Huayi Media onboard. For several years now, Hollywood has been desperate to get a cut of China's ballooning box-office receipts, up 900 percent since 2003, but has struggled with its strict quota on foreign films. Looks like studio bigwigs have decided the best way to tap one of the world's largest moviegoing audiences is to play by China's rules. [Deadline]

Photo: Philippe Lopez/AFP/Getty Images