US studio Warner Bros and China Media Capital (CMC) said on Thursday that they plan to release 12 films to global audiences within two years.

The films will be produced by the joint venture Flagship Entertainment, headquartered in Hong Kong.

Li Ruigang, CMC's chairman, said the movies includes one adapted from the best-selling MEG: A Novel of Deep Terror at a cost of over $100 million.

US studio chairman Kevin Tsujihara said they hoped that Flagship would create high-quality co-productions with Chinese characteristics for audiences both in China and around the world.

The tie-up between the two companies was announced in September, 2015. Flagship Entertainment is 51-percent owned by a CMC-led consortium and 49 percent by Warner Bros.