The growing Hollywood-China connection is set to get yet another boost when China’s vice president unveils a joint venture between DreamWorks Animation and two state-owned Chinese media groups later this week. The Financial Times reports that Xi Jinping will announce a tie-up between DWA, Shanghai Media Group and China Media Capital on Friday that will see the companies build a studio facility in Shanghai to develop film, TV and live stage productions for the Chinese market. News of DWA building a studio in China was floated last year – and it’s boom time there with expectations that box office could grow to $5 billion in sales in the next few years. News of the DWA deal follows on the heels of other companies setting their sights on the mainland including Relativity and Legendary Entertainment. And, it’s a two-way street with the creation of China’s $800 million Harvest Seven Stars Media Fund earlier this month that’s targeting investments in existing entertainment companies, backing for filmmakers and a new distribution system in China and elsewhere. The DWA partnership is with some of China’s most powerful media groups: Shanghai Media Group is China’s second-largest broadcaster while China Media Capital is a fund backed by SMG, state-owned China Development Bank and China Broadband Capital and was established as a vehicle to help the Chinese biz become more international and commercial, according to the FT.
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