Despite talk of a ‘mutual decision,’ there is strong speculation that the tightening regulatory environment in China led to the deal’s demise.
August 30, 2017
‘Chinese media investment firm Recon Holdings says that it has dropped its bid to acquire a controlling stake in Avi Lerner’s Millennium Films. Recon said that certain conditions had not been fulfilled by the Aug 31 deadline.
The $100 million deal for 51% of Millennium was announced in February, by Recon a sprawling conglomerate that also owns the English soccer club Aston Villa. The deal announced covered Millennium’s library and gave Recon the option to buy out the outstanding 49% of Millennium shares at a later date.’