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LOS ANGELES: US film giant DreamWorks Animation announced on Friday a $330 million Chinese joint venture, Oriental DreamWorks, on the last day of a US trip by China's leader-in-waiting Xi Jinping.
The tie-up, unveiled by DreamWorks Animation boss Jeffrey Katzenberg, will team his California-based studio with three Chinese companies to operate a studio in Shanghai.
The Chinese firms are China Media Capital (CMC), with plans to include Shanghai Media Group (SMG) and Shanghai Alliance Investment (SAIL), he said during a visit here by Chinese Vice President Xi.
"We are incredibly proud to establish Oriental DreamWorks alongside CMC, SMG and SAIL in this ground-breaking 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," he added.
The Chinese companies will hold a majority stake of approximately 55 percent in Oriental DreamWorks and DreamWorks Animation will hold approximately 45 percent, said a company release.
The enterprise will initially be capitalised with cash and intellectual property valued at $330 million. The joint venture plans to launch business operations in Shanghai later this year.
Ruigang Li, chairman of China Media Capital, added: "We share the same vision with DreamWorks Animation to build a world-class family entertainment company."
The joint venture would combine "the expertise of CMC in investment and operation, SMG in media and entertainment management, SAIL in high-tech R&D," and DreamWorks Animation's creative and technological strengths, he said.
"Oriental DreamWorks will be in a unique position to create high-quality content and interactive entertainment products for China and international markets," he said.
DreamWorks Animation has enjoyed box office success in China led by its blockbuster "Kung Fu Panda" franchise, the US company said.
"Kung Fu Panda" was the number one animated film when released in China in 2008, while last year "Kung Fu Panda 2" became the highest-grossing animated film of all time in the region, grossing some $100 million.
The company has made a total of 23 animated feature films, including the "Shrek" and "Madagascar" franchises, as well as "Kung Fu Panda" and "How to Train Your Dragon."
The announcement came as Xi rounded off a trip to US which included a meeting at the White House with President Barack Obama, who urged China to play by the "same rules" in the global economy but voiced hope for cooperation.
Xi, who is expected to lead the rising Asian power for a decade starting next year, then traveled to Iowa, where he reached out to heartland America on Thursday with billions of dollars in farm deals.
On Friday he was spending his final hours on US soil at an economic forum in downtown Los Angeles, before a National Basketball Association game between the LA Lakers and the Phoenix Suns at the Staples Centre.
Xi is due to leave Los Angeles late Friday, and starts the next leg of his trip in Ireland on Saturday. He is also due to travel to Turkey before returning home.
- AFP/de
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