DreamWorks Animation takes part in Chinese venture

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DreamWorks Animation SKG

Dream­Works Ani­ma­tion SKG

Dream­Works Ani­ma­tion SKG, Inc. announced Fri­day that it has agreed to form a joint ven­ture with China Media Cap­i­tal, with plans to include Shang­hai Media Group and Shang­hai Alliance Invest­ment, Ltd., 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.

We are incred­i­bly proud to estab­lish Ori­en­tal Dream­Works along­side CMC, SMG and SAIL in this ground­break­ing and his­toric alliance to cre­ate the lead­ing Chinese-branded fam­ily enter­tain­ment com­pany,” said Dream­Works Ani­ma­tion CEO Jef­frey Katzen­berg. “Together with our part­ners in China, we look for­ward to build­ing a first-of-its-kind enter­prise to locally con­ceive, pro­duce and dis­trib­ute high-quality cre­ative con­tent and fam­ily enter­tain­ment expe­ri­ences — not only for the peo­ple of China, but also for related export markets.”

We share the same vision with Dream­Works Ani­ma­tion to build a world-class fam­ily enter­tain­ment com­pany,” com­mented China Media Cap­i­tal chair­man Ruigang Li. “By com­bin­ing the exper­tise of CMC in invest­ment and oper­a­tion, SMG in media and enter­tain­ment man­age­ment, SAIL in high-tech R&D, as well as Dream­Works Ani­ma­tion in cre­ative processes, inno­v­a­tive tech­nol­ogy and global net­work capa­bil­i­ties, Ori­en­tal Dream­Works will be in a unique posi­tion to cre­ate high-quality con­tent and inter­ac­tive enter­tain­ment prod­ucts for China and inter­na­tional markets.”

The Chi­nese com­pa­nies will hold a major­ity stake of approx­i­mately 55% in Ori­en­tal Dream­Works, and Dream­Works Ani­ma­tion will hold approx­i­mately 45%. The enter­prise will ini­tially be cap­i­tal­ized with cash and intel­lec­tual prop­erty val­ued at $330 mil­lion. The joint ven­ture plans to launch busi­ness oper­a­tions in Shang­hai later this year.

DWA has enjoyed a great track record of suc­cess at the box office in China, led by its block­buster Kung Fu Panda fran­chise. Kung Fu Panda was the #1 ani­mated film upon its release into China in 2008. Last year, Kung Fu Panda 2 became the highest-grossing ani­mated film of all time in the region, gross­ing approx­i­mately $100 million.

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