Anhui Xinke New Materials, a Chinese copper processing company, has bought a controlling stake in Hollywood studio Voltage Picture, the firm behind Oscar-award winning films such as 'The Hurt Locker' and 'Dallas Buyers Club'.

The Wuhu, Shanghai-based company, which deals in copper processing and manufactures cables and wires, is believed to have paid $350 million to acquire 80 percent stake in Midnight Investments, the owner of Voltage Pictures. The deal is likely to close by the end of December.

Like Us on Facebook

Earlier this month, Anhui Xinke established Wotaiji International Media, a wholly owned subsidiary, for the purpose of acquiring media assets. The new company will be in charge of the Voltage Pictures. With its latest acquisition, Anhui Xinke joins the likes of Alibaba and Wanda, which have made notable acquisitions in Hollywood recently.

Voltage Pictures was founded by Chartier in 2005. Its library currently contains over 150 features. The studio also has a number of titles in its pipeline. One of its upcoming projects is 'Wind River' featuring Jeremy Renner and Elizabeth Olsen.

Xiao Han, a partner at EntGroup Capital Management in Beijing, said "Xinke's main business in the copper industry is a 'sunset industry' whereas the movie and TV entertainment industry is a very hot industry in China."

Anhui Xinke had recently bought Kingswood Culture, a television company. It has already ventured into developing its own TV show. The copper company is also making a football-themed movie. The company said that it is looking to boost its position in the domestic and international film markets.

TagsAnhui Xinke New Materials, Voltage Pictures, Dallas Buyers Club