Gibson, Dunn & Crutcher has represented major Hollywood studio Universal Pictures in a $500 million multi-year financing deal with Chinese multimedia company Perfect World Pictures, which tapped Los Angeles-based firm. Manatt, Phelps & Phillips for legal advice.

 The partnership commences this year and is expected to last five years or cover the co-financing of 50 pictures. It also marks the first time a Chinese business will bankroll a multi-year slate deal. Shenzhen-listed Perfect World, which makes movies, video games, and TV programmes will invest $250 million in equity in Universal and is looking to raise between $200 to $250 million in debt as part of the agreement.

 Gibson Dunn’s deal team led by partner Stephen Tsoneff in Century City, Los Angeles. Lindsay Conner, co-chair of Manatt’s entertainment and media group, handled the transaction for the firm.

 Fueled by China’s cinema boom, Chinese entertainment groups have been making significant investments in the U.S. film industry. Last month, property and media conglomorate Dalian Wanda paid $3.5 billion to buy out Legendary Entertainment, the maker of blockbusters Godzilla and the Batman film trilogy.

 Partnering with Perfect World is also an appealing deal for Universal, as the company is broadening its presence in China where its movies like Furious 7  and Jurassic World were huge box-office hits in 2015.