UPDATE 1-Yoku.com to distribute KungFu Panda films in China

Mon Aug 29, 2011 10:14am EDT

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* Signs pact with DreamWorks Animation for online distribution

* Shares up as much as 10 pct

Aug 29 (Reuters) - China's Internet television company Youku.com Inc said it had entered into an agreement with DreamWorks Animation SKG Inc for online distribution of KungFu Panda franchise films in mainland China.

Shares of the company were trading up 7 percent at $24.94 on Monday morning on the New York Stock Exchange. They touched a high of $25.69 earlier in the session.

One of China's YouTube clones, Youku.com debuted in December 2010 and competes with Tudou Holdings Inc , Ku6 Media Co Ltd , Qiyi.com -- a firm partly owned by Baidu Inc -- PPS.tv and PPTV.

Both KungFu Panda titles are available for on-demand viewing on Youku Premium and will subsequently debut on Youku's Hollywood Movie Channel after the paid viewing window closes, Youku said in a statement.

DreamWorks Animation's KungFu Panda franchise has grossed over $1.25 billion at the box office till date and is very popular with Chinese audiences, the company said. (Reporting by Rachana Khanzode and Supantha Mukherjee in Bangalore; Editing by Roshni Menon)

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