DreamWorks Animation on Friday announced a long-anticipated deal with three Chinese companies to form a family-entertainment studio in Shanghai.
The animation studio will join with China Media Capital, Shanghai Media Group and Shanghai Alliance Investment Ltd. in spending $330 million to open a new company they are calling Oriental DreamWorks. The Chinese companies will hold a 55 percent stake in the new company, with DreamWorks Animation controlling the rest.
That capitalization is small; DreamWorks Animation, the maker of ?Kung Fu Panda,? spends about that much to make and market a single movie in the United States. But Jeffrey Katzenberg, the chief executive of DreamWorks Animation, nonetheless positioned the deal as ?groundbreaking and historic,? in part because the parade of other movie companies that have already announced Chinese movie deals ? Relativity Media, Legendary Entertainment ? are not focused on the family market.
Oriental DreamWorks is not expected to release a movie until 2016; yet, even before the official announcement, the enterprise drew criticism from The Wall Street Journal?s editorial page as an example of the barriers to competition in China.
DreamWorks Animation shares closed on Friday afternoon at $19.52, up almost 1 percent.
Brooks Barnes writes about Hollywood with an emphasis on Disney. Follow @brooksbarnesnyt on Twitter.
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