Paul Hastings and O’Melveny & Myers have scored key advisory roles in private equity firm China Media Capital’s newly formed joint venture with media giant Warner Brothers. Called Flagship Entertainment Group, the new entity adds to a wave of tie-ups between Hollywood studios and Chinese partners to tap China’s fast-growing box office.

A Paul Hastings team led by partners David Hernand, David Wang, Jia Yan, Douglas Schaaf, Scott Hataway, Nathaniel Edmonds, and Tiffany Lee is advising China Media Capital. O’Melveny & Myers is representing Warner Bros.

Warner Bros will own 49 percent of Flagship Entertainment while China Media Capital will own the rest. Based in Hong Kong, with two additional offices in Beijing and Los Angeles, the joint venture will develop a variety of files for distribution in China and globally, aiming to release its first titles in 2016.

Already second in the world, the Chinese movie market is booming fast and closely follows the U.S. Studios such as Paramount Pictures, DreamWorks Animation SKG, Lions Gate Entertainment and Walt Disney have all teamed up with Chinese local groups.

"The country's incredibly rich history and culture provide a huge trove of great stories, and we want to help tell those stories for new generations of filmgoers, in China and around the world," said Kevin Tsujihara, chairman and chief executive of Warner Bros, in a statement announcing the venture.