DreamWorks' plans for Shanghai
By Dong Zhen |
November 23, 2011, Wednesday
|
Print Edition
Print Edition
DISNEY rival DreamWorks Animation, creator of the "Kung Fu Panda" movies, is preparing to launch a joint venture in Shanghai, according to the finance magazine Caijing.
It cited unnamed Chinese government officials as saying that if negotiations between DreamWorks and Chinese counterparts proceed smoothly, the new company, to be called Oriental DreamWorks, would be established by the first quarter of next year in Shanghai.
DreamWorks CEO Jeffrey Katzenberg is reported to have visited China's industry-related state departments early this month.
Officials told Caijing that the company would get a capital injection of up to US$2 billion in the five years after its launch to be invested in projects including motion pictures, musicals and Internet games.
Insiders revealed that theme park developments in China and elsewhere were also part of the new company's long-term plans.
China Media Capital would lead a Chinese capital syndicate to co-invest in the new company, according to the report. Shanghai Media Group is also reported to be a likely investor.
Katzenberg is said to have told Chinese officials that DreamWorks was placing key importance on seeking business partnerships with China and was expecting such cooperation would contribute to a re-shaping of the global market for animation movies.
"China's domestic animation production is growing quickly but in terms of technology, creativity or box office gains, it's no match for DreamWorks. Partnership with DreamWorks in the home market would boost development of all related segments of this industry, especially to help nourish the growth of domestic professionals in this field," an analyst told Caijing.
Insiders told the magazine that negotiations between DreamWorks and Chinese investors had been under way for months and they were likely to reach an agreement by the end of next month.
"Kung Fu Panda 2," a recent box office hit produced by DreamWorks, generated US$664 million in ticket sales worldwide with Chinese cinemas contributing nearly US$100 million.
Shanghai already has a thriving animation industry.
According to an official report, GDP output by Shanghai's animation sector last year ranked second in the country, trailing behind Guangdong Province.
News of the planned partnership coincides with a recent announcement by the Shanghai government of a boost in support for the cultural and innovation industry.
Officials said last week that the city was ready to launch incentives and favorable policies to facilitate growth in the creative industry.
The first Disneyland theme park on the Chinese mainland is currently under construction in the Pudong New Area with its first phase due to open for business in 2015.
It cited unnamed Chinese government officials as saying that if negotiations between DreamWorks and Chinese counterparts proceed smoothly, the new company, to be called Oriental DreamWorks, would be established by the first quarter of next year in Shanghai.
DreamWorks CEO Jeffrey Katzenberg is reported to have visited China's industry-related state departments early this month.
Officials told Caijing that the company would get a capital injection of up to US$2 billion in the five years after its launch to be invested in projects including motion pictures, musicals and Internet games.
Insiders revealed that theme park developments in China and elsewhere were also part of the new company's long-term plans.
China Media Capital would lead a Chinese capital syndicate to co-invest in the new company, according to the report. Shanghai Media Group is also reported to be a likely investor.
Katzenberg is said to have told Chinese officials that DreamWorks was placing key importance on seeking business partnerships with China and was expecting such cooperation would contribute to a re-shaping of the global market for animation movies.
"China's domestic animation production is growing quickly but in terms of technology, creativity or box office gains, it's no match for DreamWorks. Partnership with DreamWorks in the home market would boost development of all related segments of this industry, especially to help nourish the growth of domestic professionals in this field," an analyst told Caijing.
Insiders told the magazine that negotiations between DreamWorks and Chinese investors had been under way for months and they were likely to reach an agreement by the end of next month.
"Kung Fu Panda 2," a recent box office hit produced by DreamWorks, generated US$664 million in ticket sales worldwide with Chinese cinemas contributing nearly US$100 million.
Shanghai already has a thriving animation industry.
According to an official report, GDP output by Shanghai's animation sector last year ranked second in the country, trailing behind Guangdong Province.
News of the planned partnership coincides with a recent announcement by the Shanghai government of a boost in support for the cultural and innovation industry.
Officials said last week that the city was ready to launch incentives and favorable policies to facilitate growth in the creative industry.
The first Disneyland theme park on the Chinese mainland is currently under construction in the Pudong New Area with its first phase due to open for business in 2015.
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