- Associated Press - Friday, February 17, 2012

LOS ANGELES (AP) - The movie studio behind “Kung Fu Panda” says it is tying up with three Chinese companies on a joint venture entertainment company that will make Chinese animated and live action content.

DreamWorks Animation SKG Inc. will have a 45 percent stake. The rest of the company will be owned by China Media Capital, Shanghai Media Group and Shanghai Alliance Investment Ltd.

The company will be capitalized with cash and intellectual property valued at $330 million. It plans to begin operations in Shanghai later this year.

The venture was announced Friday on the last day of a four-day visit to the U.S. by Chinese Vice President Xi Jinping.

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