The Motion Picture Academy doesn’t work that way – China’s latest business and technology news

Business & Technology

A summary of the top news in Chinese business and technology for October 4, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.

The Wall Street Journal has a story (paywall) on how Wang Jianlin 王健林, the once-richest man of China, dreamed of funding an Oscar-winning Hollywood movie, but that dream — along with almost all of Wang’s ambitions in Hollywood — died in China’s crackdown on outbound investment in recent months.

The Journal says that Wang’s company, Dalian Wanda, pursued two movies: 2015’s boxing drama Southpaw, and a legal drama called Arc of Justice, whose production stalled when Wang withdrew his planned funding of $12.5 million.

The failure of Southpaw to achieve any Academy Awards, despite favorable reviews, must have been hard on Wang — especially given his $30 million investment in the film. Sources familiar with that deal told the Journal, “Wanda wanted a guarantee that ‘Southpaw’ would receive an Oscar nomination or else the company would receive a payout,” adding, “Wanda was told the Motion Picture Academy doesn’t work that way.”