DreamWorks Plans to Launch JV Animation Studio in China11-22 15:39 Caijing
By staff reporter Ming Shuliang
Hollywood heavyweight DreamWorks Animation SKG (DreamWorks) plans to setup a joint venture (JV) animation studio in Shanghai as early as January 2012. The company will partner with China Media Capital (CMC), Shanghai Media Group (SMG), and other strategic investors.
DreamWorks’s CEO revealed his plan to Chinese government authorities during a visit to China in early November.
DreamWorks, together with a consortium of Chinese partners, will invest to set up “DreamWorks East.” The Chinese consortium will have a controlling stake in the project. The JV company will focus on technology R&D application and cooperate with Chinese film companies to co-produce animated feature films that cater to the Chinese market.
The JV will invest a total of US$ 2 billion over the next five years, which will be shared equally by Dreamworks and the Chinese consortium.
In addition to animation, the company will also engage in film distribution, image licensing and film derivatives development. It also plans to invest in and design theme parks, news which has aroused great interest from both the Beijing and Chengdu municipal governments.
DreamWorks may use the success of its Kung Fu Panda film series as initial subject matter for Dreamworks East. The company plans to release its first blockbuster animated feature in 2015.
Former head of Shanghai Broadcasting TV station, SMG President and CMC Chairman Li Ruigang is the go-between, champion and dealmaker for the new venture.
Industry insiders predict the new studio in Shanghai will guide the development of the local animation industry, cultivate a large number of industry professionals, and bring valuable planning, management and operational experience from Hollywood.
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