SHANGHAI (Reuters) ? Dreamworks Animation SKG Inc, the producer of hit movies like "Kung Fu Panda," is in talks to set up a joint venture animation studio in Shanghai as early as January next year, to produce animation and design theme parks, Caijing Magazine reported quoting government sources.
The joint venture company, to be established in the first quarter of next year, will be formed by Dreamworks Animation and a consortium of Chinese companies that may include Shanghai Media Group and China Media Capital, Caijing reported.
Dreamworks Animation and the Chinese consortium will invest a total of $2 billion over the next five years into the joint venture firm, called "Dreamworks East" to produce animation that caters to the Chinese market.
Dreamworks East will also be involved in film distribution and designing theme parks. The firm plans to release its first blockbuster animation film in 2015, Caijing reported.
Shanghai Media Group could not be reached by telephone and did not response to emails seeking comment, while China Media Capital declined to comment.
Caijing reported that Dreamworks Animation chief executive Jeffrey Katzenberg was in China earlier this month meeting with Chinese government officials to pitch the joint venture company.
(Reporting by Melanie Lee; Editing by Jacqueline Wong)
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