SHANGHAI Nov 23 Dreamworks Animation SKG
Inc, producer of hit movies such as "Kung Fu Panda", is
in talks to set up a joint venture studio in Shanghai as early
as January next year to produce animation and design theme
parks, Caijing Magazine reported, quoting government sources.
The joint venture, to be established in the first quarter of
next year, would be formed by Dreamworks Animation and a
consortium of Chinese companies that may include Shanghai Media
Group and China Media Capital, Caijing reported.
It said Dreamworks Animation and the consortium would invest
a total of $2 billion in the joint venture, Dreamworks East,
over the next five years to produce animation for the Chinese
Dreamworks East would also be involved in film distribution
and theme park design, with a first animated feature release
already planned for 2015, Caijing reported.
"As it is an important market for us and one in which the
DreamWorks Animation brand and products have tremendous value,
we continue to explore opportunities in China. Any further
speculation is premature," a Dreamworks Animation spokesperson
Shanghai Media Group could not be reached by telephone and
did not response to emails seeking comment, while China Media
Capital declined to comment.
Caijing reported that Dreamworks Animation Chief Executive
Jeffrey Katzenberg was in China earlier this month to discuss
the plan with government officials.