Los Angeles | Wednesday, February 15th, 2012
It has just been announced that DreamWorks Animation CEO Jeffrey Katzenberg just signed a partnership with two Chinese media companies for a new project. Together, they will embark on the creation of a new studio facility in Shanghai.
Shanghai Media Group and China Media Capital, both state-owned companies, are teaming up with DreamWorks to construct a space for television, film and live stage productions. The deal comes in a time where China’s media realm and economy are booming while the United States’ film industry is slow-moving.
More details on the deal will be released Friday, when Chinese Vice President Xi Jinping will be in LA. He claims it is the “most significant deal to involve a Hollywood studio in China.”