Joe and Anthony Russo, directors of the Captain America: Civil War, are in talks with China's Huayi Brothers Media Corporation for a potential production partnership, an insider told TheWrap.

The joint venture reportedly aims to develop high-concept projects with an emphasis on storytelling and strong characters as well as create a full-service production and financing company to follow The Avengers sequels and make English-based content for global distribution, the Deadline reported.

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Huayi would reportedly contribute $250 million for operation, overhead, production, development, and IP acquisition. The publicly-traded Chinese firm would own 60 percent of the equity shares, while the remaining 40 percent will belong to the Russo brothers.

Huayi Brothers, which is owned by Dennis Wang and James Wang, will also allocate $100 million for the production funding; gain distribution rights in China and South East Asia including Hong Kong, Macau, Taiwan, Burma, Thailand, Vietnam, and Malaysia; and receive the right to capitalize on theme park construction, development and operation based on Russo Brothers' generated projects.

Both companies are allegedly in talks over the deal and will be established slowly over the next two years as the Russo brothers focus on making The Avengers films.

Under the new partnership, it is envisioned that the Russo brothers would be creating projects and directing some movies. According to the Deadline, they will also bring their Getaway Productions into the new production entity umbrella, but its Chinese studio Anthem and Song will remain a separate entity under the venture.

TagsHuayi Brothers, Russo Brothers, Entertainment, movie industry