DreamWorks Announces Joint Venture With Chinese Companies
LOS ANGELES (CBS/AP) — The movie studio behind "Kung Fu Panda" says it is tying up with three Chinese companies on a joint venture entertainment company that will make Chinese animated and live action content.
DreamWorks Animation SKG Inc. will have a 45 percent stake. The rest of the company will be owned by China Media Capital, Shanghai Media Group and Shanghai Alliance Investment Ltd.
The company will be capitalized with cash and intellectual property valued at $330 million. It plans to begin operations in Shanghai later this year.
The venture was announced Friday on the last day of a four-day visit to the U.S. by Chinese Vice President Xi Jinping.
Xi's visit — the first to Los Angeles by a high-level Chinese official in 13 years — also included a tour Thursday of the Port of Los Angeles and will wrap up Friday at the Laker's game with Mayor Villaraigosa.
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