Dreamworks Animation to form China JV - report

SHANGHAI Wed Nov 23, 2011 3:08pm IST

A couple watch the animated film ''Kung Fu Panda 2'' next to their car at a drive-in cinema, in Beijing June 6, 2011. Dreamworks Animation SKG Inc, the producer of movies like ''Kung Fu Panda'', is in talks to set up a JV animation studio in Shanghai in January next year, Caijing Magazine reported quoting government sources. REUTERS/Jason Lee/Files

A couple watch the animated film ''Kung Fu Panda 2'' next to their car at a drive-in cinema, in Beijing June 6, 2011. Dreamworks Animation SKG Inc, the producer of movies like ''Kung Fu Panda'', is in talks to set up a JV animation studio in Shanghai in January next year, Caijing Magazine reported quoting government sources.

Credit: Reuters/Jason Lee/Files

SHANGHAI (Reuters) - Dreamworks Animation SKG Inc, producer of hit movies such as "Kung Fu Panda", is in talks to set up a joint venture studio in Shanghai as early as January next year to produce animation and design theme parks, Caijing Magazine reported, quoting government sources.

The joint venture, to be established in the first quarter of next year, would be formed by Dreamworks Animation and a consortium of Chinese companies that may include Shanghai Media Group and China Media Capital, Caijing reported.

It said Dreamworks Animation and the consortium would invest a total of $2 billion in the joint venture, Dreamworks East, over the next five years to produce animation for the Chinese market.

Dreamworks East would also be involved in film distribution and theme park design, with a first animated feature release already planned for 2015, Caijing reported.

"As it is an important market for us and one in which the DreamWorks Animation brand and products have tremendous value, we continue to explore opportunities in China. Any further speculation is premature," a Dreamworks Animation spokesperson told Reuters.

Shanghai Media Group could not be reached by telephone and did not response to emails seeking comment, while China Media Capital declined to comment.

Caijing reported that Dreamworks Animation Chief Executive Jeffrey Katzenberg was in China earlier this month to discuss the plan with government officials.

(Reporting by Melanie Lee; Editing by Chris Lewis)

Reuters Showcase

Putin Critic Killed

Putin Critic Killed

Russians march in memory of murdered Putin critic.  Full Article 

Pakistan's First Win

Pakistan's First Win

Irfan bounces Zimbabwe out as Pakistan claim first win.  Full Article 

Budget 2015

Budget 2015

Full coverage of 2015/16 budget.  Full Coverage 

Hacked to Death

Hacked to Death

Bangladesh pays tribute to U.S. blogger killed in machete attack.  Full Article 

The Apple Car

The Apple Car

Apple car rumours fuel Geneva debate about car of future.  Full Article 

Movie Review

Movie Review

"Dum Laga Ke Haisha" is rooted in reality, writes Shilpa Jamkhandikar.  Full Article | Related Story 

Crowded Market

Crowded Market

China's Huawei enters smartwatch frenzy with round-face models.  Full Article 

Lathmar Holi

In Pics: Lathmar Holi

Images of "Lathmar Holi" at Nandgaon in Uttar Pradesh.  Full Coverage 

World Cup 2015

World Cup 2015

Full coverage of cricket world cup in Australia and New Zealand.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage