DreamWorks Sets Focus on China

SHANGHAI/LOS ANGELES: DreamWorks Animation has unveiled plans to build a production studio in Shanghai, with CEO Jeffrey Katzenberg telling CNBC he wants to create the "Disney of China."

The studio, behind hits such as Shrek and Kung Fu Panda, agreed to form a joint venture with China Media Capital, Shanghai Media Group and Shanghai Alliance Investment. Called Oriental DreamWorks, the family entertainment company will develop and produce Chinese animated and live-action content for distribution in China and internationally. The new venture will be involved in film and TV projects, with an eye to expand to live entertainment, theme parks, mobile, online, interactive games and consumer products.

The Chinese companies will hold a majority stake of approximately 55 percent in Oriental DreamWorks and DreamWorks Animation will hold approximately 45 percent.

"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 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 Ruigang Li, the chairman of China Media Capital. "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."