Stan Lee is taking his superheroes to China.
Panda Media Partners, a joint venture of Lee's POW! Entertaintment and Fidelis Entertainment, has joined the merger and acquisition boutique Ricco Capital Holdings to create Magic Storm Entertainment, which will develop and produce a new franchise of Lee's superheroes to appeal to Asian markets and broader global audiences.
Details of the first film project are expected later this summer.
Magic Storm will be based in Los Angeles, and Fidelis Entertainment’s Eric Mika has been appointed CEO.
"I have been eagerly awaiting this great opportunity, a chance to combine the best of American superhero epics with the best of Chinese and Asian classical film-making for a motion picture that would be excitedly received worldwide," Lee said in a statement.
"Stan Lee is a global icon whose characters and brands have generated more than $6 billion US at the global box office and sparked vast international toy, video game and merchandise sales,” said Wu Siu Chung, chairman of Ricco Capital Holdings. “Magic Storm Entertainment will leverage that appeal with Ricco Capital’s development fund."