HONG KONG (AP) — China's footprint in Hollywood is expanding following a wire and cable maker's purchase of a controlling stake in independent studio Millennium Films, which produced "Rambo" and "The Expendables." Recon Holding said Thursday it is taking a 51 percent stake in Millennium for $100 million. 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. Xia owns Recon Holding through his conglomerate Recon Group. One of its companies, Lotus Health Group, is the world's second biggest maker of food additive monosodium glutamate.

Source: The China Post February 24, 2017 06:32 UTC