DreamWorks Animation is reportedly forming a joint venture with two state-owned Chinese media groups for the construction of a studio facility in Shanghai.

DreamWorks Animation is reportedly forming a joint venture with two state-owned Chinese media groups for the construction of a studio facility in Shanghai.

Chinese vice president Xi Jinping, currently visiting the US in anticipation of his expected elevation to president of the country, is expected to announce the venture in Los Angeles on Friday, according to a report in the Financial Times.

The venture will see DreamWorks Animation, which has sought to make inroads into China with its Kung Fu Panda films, working with Shanghai Media Group (SMG), China’s second largest broadcaster, and China Media Capital, a fund backed by SMG, China Development Bank and China Broadband Capital.

The venture will develop film, TV and stage productions for the Chinese market.

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