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China's Recon buys $100M majority stake in Millennium Films

Associated Press logo Associated Press 2/24/2017

HONG KONG (AP) — A Chinese wire and cable maker is buying independent studio Millennium Films, which produced "Rambo" and "The Expendables."

It's the latest acquisition in China's overseas shopping spree for entertainment companies.

Recon Holding said Thursday it is taking a 51 percent stake in Millennium for $100 million.

The company, based in Yixing near Shanghai, is controlled by Tony Xia.

Xia was a little-known businessman until last year, when he bought English soccer club Aston Villa.

The terms of the deal, which is expected to close in the second quarter, give Recon majority ownership of Millennium and its library of 300 films.

Chinese investors and Hollywood studios have been in a frenzy of deal-making in recent years as both sides seek to expand in each other's movie industries.

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