U.S. Markets closed

News Summary: Legendary, China Film team up

The Associated Press

MOVIE TEAM-UP: Legendary Entertainment, maker of the "The Hangover" franchise, is teaming with state-owned China Film Group to produce more global blockbusters as the Hollywood studio expands into the rapidly growing but tightly controlled Chinese movie market.

GLOBAL REACH: Their deal is the latest example of growing collaboration between entertainment companies in the world's two biggest movie markets.

THE FUTURE: The first collaborations will be announced in the coming months. Legendary said each is planned as a U.S.-China co-production. That means they can bypass China's import restrictions that limit the number of foreign movies shown on the country's 12,000 screens to 34 each year.