China's media firm Huashi TV has successfully secured digital rights to 71 US and European movies at the Cannes market, according to The Hollywood Reporter.

"Our goal is to acquire 100, which we should reach sometime in the next few days," Jo Zhang, Huashi TV's VP of Investment, said.

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Included on the deals struck is the Franco-Belgian romantic comedy movie Up for Love, starring Jean Dujardin and Virginie Efira. Furthermore, 11 titles were secured from Arri Media and four from Odin's Eye Entertainment as well as other companies like Angel Grace Worldwide, Lotus Media, EastWest Film, Red Sea Media, Parkland Pictures, Picture Tree, to name a few.

Huashi TV was behind the digital rights of China's biggest grossing movie The Mermaid and Leonardo DiCaprio's The Revenant, which was  co-produced by China's Guangdong Alpha Animation and Culture.

Zhang noted that titles bought from Chinese middlemen were way too expensive, thus forcing the company to personally go to Cannes and buy the movies.

"Next year, I will come back with a team of 10 staff and we will probably buy hundreds of films," Zhang said.

Huashi's business includes acquiring digital media rights from both local and international movies and TV titles and providing license for the content to online platforms like Youku, Tencent, and LeTv. Local rights for DVD, OTT, IPTV, among others are also included.

Meanwhile, Beijing Jetsen Technology acquired 80 percent of Huashi TV from five different shareholders for 3.2 billion yuan ($516 million), according to Forbes. The predicted net profit of Huashi TV to reach up to $52.4 million and $68 million in 2016 and 2017, respectively.

TagsHuashi TV, Huashi TV, Cannes, Up for Love, digital rights