China's Shanda in $88 mln JV to produce movies

SHANGHAI Nov 13 (Reuters) - Chinese media firm Shanda Interactive Entertainment SNDA.O said its unit will set up a joint venture with a Chinese television company with an investment of 600 million yuan ($88 million) to produce and distribute movies.

Shanda said in a statement on Thursday the firm and its partner, Hunan Broadcasting and Television Group, intend to remake a television series and produce a movie as its first projects.

In September, Shanda spun off its games unit, Shanda Games, (GAME.O) to focus on growing the parent company into a full-fledged media entertainment firm.

($1=6.826 Yuan) (Reporting by Melanie Lee; Editing by Jacqueline Wong)