GLENDALE, Calif., Feb. 17, 2012 – DreamWorks Animation SKG, Inc. (Nasdaq: DWA) today announced that it has agreed to form a joint venture with China Media Capital (CMC), with plans to include Shanghai Media Group (SMG) and Shanghai Alliance Investment, Ltd. (SAIL), to establish the leading China-focused family entertainment company.
Oriental DreamWorks will engage in the development and production of high-quality original Chinese animated and live action content for distribution both within China and to other territories around the globe. In addition to content creation, the joint venture will pursue business opportunities in the areas of live entertainment, theme parks, mobile, online, interactive games and consumer products.
“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 DreamWorks Animation’s Chief Executive Officer, Jeffrey 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.”