The deal to create a new entity, to be called Oriental DreamWorks, was tipped earlier this week. The plan is to develop and produce original Chinese live-action and animated content for that market and globally. The deal includes provisions for live entertainment, theme parks, mobile, online, interactive games and consumer products. DWA will hold a 45% stake in the venture, which is set to launch operations in Shanghai this year. Here’s the release:
GLENDALE, Calif., Feb. 17, 2012 — DreamWorks Animation SKG, Inc. (Nasdaq: DWA) today announced that it has agreed to form a joint venture with China Media Capital (CMC), with plans to include Shanghai Media Group (SMG) and Shanghai Alliance Investment, Ltd. (SAIL), to establish the leading China-focused family entertainment company.
Oriental DreamWorks will engage in the development and production of high-quality original Chinese animated and live action content for distribution both within China and to other territories around the globe. In addition to content creation, the joint venture will pursue business opportunities in the areas of live entertainment, theme parks, mobile, online, interactive games and consumer products. (more…)