Warner Bros.

O’Melveny represented Warner Bros. in a joint venture with a consortium led by private equity firm China Media Capital (CMC) to launch a movie studio division, Flagship Entertainment Group. The new Hong Kong-based entity will develop a variety of Chinese-language films for distribution in China and globally. Under the terms of the agreement, the CMC-led group will hold 51 percent of Flagship Entertainment (of which 10 percent will be held by Hong Kong broadcaster TVB) and Warner Bros. will hold 49 percent.