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Hollywood's Legendary, China's Huayi Bros raise $220.5M by for co-production venture
HONG KONG (AP) ' A joint venture between the Hollywood production house Legendary Entertainment and a Chinese studio is raising $220.5 million by selling a 50 percent stake to a Hong Kong investor.
Legendary and Huayi Brothers Media Corp. said in a statement late Sunday that construction company Paul Y. Engineering is buying the stake.
Legendary has produced hits including "The Dark Knight," ''Inception" and the two "Hangover" movies.
The co-production deal was announced in June and is called Legendary East. It will produce English language films that draw on its Chinese ties. It's aimed at tapping one of Hollywood's increasingly lucrative markets.
Paul Y. will fund its purchase by selling new shares to a private equity firm and other big investors.