Dick Cook Studios has inked a $500 million production agreement with Chinese movie company Film Carnival to create films that will be distributed across the globe.

Under the newly signed deal, Zhejiang-based Film Carnival will financially back Cook's projects. On the other hand, Los Angeles-based Dick Cook Studios will be in charge of the movies' development, production and distribution, and marketing.

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The first film under the recent deal is John Flanagan's Ranger's Apprentice.

Cook, a Walt Disney Studios former chairman, was happy over the new partnership, saying "They are the perfect partners as they share our vision of telling great stories for the entire family to be enjoyed across the globe."

Film Carnival is a new player in the industry. In 2015, it started investing in three highly budgeted films per year. It is also planning to establish a "pan-entertainment center" with CITIC Guoan, according to Los Angeles Times. The project will allegedly include movie theaters, recreation center and hotels.

Cooks recent deal with the Chinese firm is just one among the notable partnerships between Hollywood and Chinese investors. A deal like this is especially important for Western entertainment companies that are eager to get access to China's growing movie industry.

"It is important for us, because this is such a dynamic marketplace," Cook said. "Things are changing so rapidly that it's important to be nimble and quick and be able to have a plan in wet cement so that you can move things around... For us, picking the right partners is the most important thing."

TagsDick Cook, Dick Cook Studios, Film Carnival, china, Ranger's Apprentice, movie market, hollywood