UPDATE, WRITETHRU 8:05 AM PT: DreamWorks Animation and partners held a kick-off ceremony in Shanghai earlier today to unveil the master design plan for their DreamCenter entertainment complex. The $2.4B “lifestyle destination” is due to begin construction this year and open in 2017. On …
The Mouse is roaring in China. On Tuesday, The Walt Disney Company announced it had entered a partnership with the culture ministry and Chinese internet giant Tencent to develop the country’s animation business. Today, it has emerged that Shanghai Shendi Group, the operator of Disney’s planned Shanghai Disneyland, has secured a $2 billion loan for construction of the park.
The loan deal for the new Disneyland was signed on Tuesday and falls under a framework that Shendi agreed to in May with 12 banks including China Development Bank, Shanghai Pudong Development Bank and the Bank of Communications, according to ShanghaiDaily.com. (A groundbreaking ceremony for the resort was held in April last year.) Shanghai Shendi Group vice president Shao Xiaoyun said the project will receive two syndicated loans with plans to develop the theme park as well as a tourism district in the surrounding area to be known as the Shanghai International Tourism Zone. The second phase of the loan will go towards an estimated $714 million cost to build the tourism area, according to ShanghaiDaily. The total cost of the park is estimated at $3.9 billion, according to Reuters.
The deal to create a new entity, to be called Oriental DreamWorks, was tipped earlier this week. The plan is to develop and produce original Chinese live-action and animated content for that market and globally. The deal includes provisions for live entertainment, theme parks, mobile, online, interactive games and consumer products. DWA will hold a 45% stake in the venture, which is set to launch operations in Shanghai this year. Here’s the release:
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.