The joint venture, which will have a registered capital of more than US$100 million (RM306 million), will be announced “soon”, the official Xinhua news agency said, citing unidentified sources with one of the Chinese companies involved in the deal.
Previous media reports said Chinese Vice President Xi Jinping was expected to announce the tie-up between Dreamworks and state-owned Shanghai Media Group and China Media Capital yesterday during his visit to Los Angeles.
The Xinhua report said a third Chinese company, Shanghai Alliance Investment Ltd, was also part of the joint venture.
The joint venture company will mainly focus on producing animation films, the report said. It will also engage in “research and development for film and television technologies and theme parks”, it added.
Xi, who is expected to lead China for a decade starting next year, arrived in Los Angeles on Thursday for a 36-hour visit including talks on boosting trade and investment, and maybe an NBA game featuring the LA Lakers.
His trip is the first to LA by a top-level Chinese leader for 13 years, and California sees it as an opportunity to strengthen Chinese investment in the western US state’s major shipping, tourism and entertainment industries. — AFP-Relaxnews
