Walt Disney Pictures has signed a new partnership to co-produce its upcoming big movie "Iron Man 3" in China. On Monday, April 16, the Burbank studio announced that it will team up with DMG Entertainment of Beijing to co-finance and distribute the highly anticipated Marvel comics film.
"The popularity of the Marvel franchise globally creates a huge opportunity to deliver fans yet another action packed film," Disney Managing Director in Greater China, Stanley Cheung, said of the newly closed partnership. "The co-production of 'Iron Man 3' in China is testimony to the importance of this audience to Disney and the local industry capability to deliver a blockbuster title."
General Manager of Operations and Finance for Marvel Studios, Rob Steffens, added, "We look forward to working alongside DMG to bring 'Iron Man' to the Chinese marketplace in a significant way."
"We are confident that Marvel's stories will continue to be enjoyed by Chinese audiences, and adding a local flavor, and working with our new local partner, will enhance the appeal and relevance of our characters in China's fast-growing film marketplace," Steffens continued.
Meanwhile, DMG Entertainment CEO, Dan Mintz, explained the importance of the co-producing agreement for the Chinese company. He said, "Our collaboration with Disney and Marvel marks a milestone in the global entertainment landscape, as this signifies the first multi-billion dollar franchise to be produced between Hollywood and China."
The third armored hero movie will start its production in North Carolina this May before continuing in China in late summer. The superhero pic itself is due to open nationwide on May 3, 2013. Director Shane Black replaced Jon Favreau who helmed the first two films in the franchise. Returning to the cast ensemble are Robert Downey Jr., Gwyneth Paltrow, Don Cheadle and Scarlett Johansson.