Paradise Cinema, located in downtown Xujiahui commercial area of Shanghai, will soon be renamed "ParaWarn Cinema" with Hollywood giant Warner Bros set to invest in the theater.
Warner Bros will hold 49 percent stake in the joint venture cinema while the remaining shares will belong to Paradise Film City Co Ltd, cinema officials revealed yesterday.
Warner Bros will be the first foreign film company to invest in China's cinema industry, they added.
Warner Bros' China office claimed yesterday they will only be in charge of distributing films in the country while declining to give details.
Xu Xiaomeng, marketing manager of Paradise, said Warner Bros had contacted the cinema even before its trial operation in February 2002.
"Warner Bros experts advised us on staff training and cinema design," said Xu, skirting the investment issue.
Last year, box office collections at Paradise ranked No 2 in Shanghai, after Studio City on Nanjing Road W.
Moviegoers evinced interest in the co-investment.
Eve Zhou, 27, an office worker and a film buff, said, "In the long term, I hope Warner Bros will bring more film choices. The service at the cinema will obviously improve though ticket prices should be a bit lower."
If all goes well, the cooperation will possibly be unveiled on July 12 when The Matrix Reloaded -- Warner Bros' latest film -- will be premiered at Paradise.
The premiere was scheduled for May 29, two weeks after its worldwide release in the US. But the SARS outbreak delayed plans.
"We meant to invite Keanu Reeves for the May local debut. But now it's impossible," said Xu. "But we are confident that the movie, the sequel to 'The Matrix,' will be a big hit in China."
The Matrix Reloaded will hit the screens nationwide on July 18. Other films to be shown this summer include Charlie's Angels: Full Throttle, and My Big Fat Greek Wedding.
(Eastday.com June 18, 2003)
