The company declared Chapter 11 bankruptcy in September and has a $93 million debt load, according to court filings.
A native of China and erstwhile banking executive for Bear Stearns in Hong Kong, Tang bought Open Road late last year to some fanfare.
The studio, though, proceeded to release several box office flops. These included “Hotel Artemis,” a film billed as a futuristic cyberpunk thriller starring Jodie Foster, and “Marshall,” in which Chadwick Boseman portrayed late U.S. Supreme Court Justice Thurgood Marshall.
Tang plans to let go of Open Road, but Tang Media Partners still owns pieces of Hollywood, including an undisclosed minority stake in Chaotic Good Studios, which sells application software it has dubbed Fanalytics.
The company also has a controlling share in IM Global, which focuses on international movie distribution.
Messages left with Tang Media Partners went unreturned, and it’s unclear if Tang will keep these investments, buy a new studio or cash out of the entertainment business.
Obama, Clintons Love It Live
Live Nation Entertainment Inc., the industry leader in U.S. ticket sales and promotion for live events, is taking charge of a new market – tours by former White House occupants.
Beverly Hills-based Live Nation announced in a press release Oct. 26 the dates for Michelle Obama’s monthlong tour to promote her book, “Becoming.”
The tour starts Nov. 13 in Chicago, and it includes a stop at Los Angeles’ Forum Nov. 15.
Tickets at the Forum are going for between $129 and $2,750, according to Live Nation-owned Ticketmaster’s website.
Live Nation’s event announcement noted that “10 percent of ticket inventory in each market was set aside for various local organizations” such as “charities, schools, and community groups.”
The Forum in Inglewood is often the go-to Los Angeles venue for Live Nation and is in fierce competition with the Anschutz Entertainment Group Inc.-owned Staples Center downtown.
Earlier in the month, Live Nation announced Hillary and Bill Clinton “will take part in a series of conversations across 13 cities in North America.”
The tour will start in Las Vegas in November and then relaunch in April, including a stop at The Forum in May.
Forum tickets to see the Clintons, for now, cost significantly less than tickets to see Obama. They are currently priced at $59-$329, according to Ticketmaster.
Staff reporter Matthew Blake can be reached at firstname.lastname@example.org or (323) 556-8332.
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