Need for Speed Sequel News: 3 Chinese Movie Companies Teaming Up With EA for New Release

Three Chinese film companies are looking to team up with Electronic Arts to produce a sequel to last year's "Need for Speed."

The companies were the same Chinese partners that helped Paramount create "Transformers: Age of Extinction," according to a Variety report.

Electronic Arts, the brains behind the videogame version of the 2014 film, is expected to co-produce.

Majority of the scenes for the sequel are being eyed to be filmed in China, with Chinese actors top-billing the cast, according to an announcement of the new arrangement by joint venture partners China Movie Channel Program Center, Jiaflix Enterprises and 1905 Pictures.

"We are excited to work with EA, one of the world's most recognized creative companies," Yin Cao, chairman of China Movie Channel, said. "We are also delighted that much of 'Need for Speed 2′ would be filmed in China, and we believe it will include much more Chinese talent and elements."

Meanwhile, President Marc Ganis of Jiaflix predicted the launch of "one of the next great franchises for movie fans around the world." Jiaflix was founded by Ganis, Kenneth Huang, and Sid Ganis, former president of the Academy of Motion Picture Arts & Sciences.

The third company, 1905 Pictures Co., is a Chinese film development company that has experience working with Paramount, promoting and marketing the last "Transformers" film, which broke records in China by grossing $330 million.

Access to China's "frenetically-growing market" is already assured by having the Chinese companies involved in co-production, Variety said.

However, partnership among the companies and Electronic Arts cannot proceed until the rights to a sequel, currently held by DreamWorks, is negotiated and secured. A studio representative said talks have not even started yet.

It is expected that production would start this year if a final deal can be hammered out.

The first "Need for Speed" film was headlined by "Breaking Bad" star Aaron Paul. Despite "mostly poor notices from critics in the U.S., the film raked an income of $203 million from its estimated production budget of $66 million. It performed decently in the U.S. and was a worldwide hit, with China contributing nearly $65 million.

The movie was derived from its popular videogame namesake, which has brought in more than $4 billion in retail sales over the last two decades. A new "Speed" console is being planned to be released this year as well as mobile games.