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Breaking News English .com, Hollywood And China In Animation Deal (19th February, 2012)

Hollywood is moving into one of its biggest untapped markets – China. The animation studio DreamWorks, jointly owned by Steven Spielberg, has teamed up with some of China's biggest media companies to open a studio in China. The makers of KungFu Panda, Shrek and Madagascar say the agreement is an important one for getting their movies distributed to China's huge population. China's vice-president Xi Jinping will travel to Hollywood later this week to seal the deal between DreamWorks and the Shanghai Media Group and China Media Capital. The new joint venture, to be called Oriental Dreamworks, will produce movies, television shows and live theatre productions for the fast-growing Chinese audience.

Dreamworks co-founder and Chief Executive Jeffrey Katzenberg said: "Our goal is, for five or 10 years from now, to have the leading family-branded entertainment company in China….It's a pretty significant opportunity for us". The company hopes to consolidate on the success of its movie "Kung Fu Panda 2". This is the highest-grossing animated movie in China with revenues of around $100 million. Executives believe now is an opportune time to move into China. The movie industry is booming and three new screens in movie theatres are opening at a rate of three a day. China is expected to be the world's biggest cinema market within the next decade.

Classroom handouts, online activities and a listening for this article are at http://www.breakingnewsenglish.com/1202/120219-animation.html



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Hollywood is moving into one of its biggest untapped markets – China. The animation studio DreamWorks, jointly owned by Steven Spielberg, has teamed up with some of China's biggest media companies to open a studio in China. The makers of KungFu Panda, Shrek and Madagascar say the agreement is an important one for getting their movies distributed to China's huge population. China's vice-president Xi Jinping will travel to Hollywood later this week to seal the deal between DreamWorks and the Shanghai Media Group and China Media Capital. The new joint venture, to be called Oriental Dreamworks, will produce movies, television shows and live theatre productions for the fast-growing Chinese audience.

Dreamworks co-founder and Chief Executive Jeffrey Katzenberg said: "Our goal is, for five or 10 years from now, to have the leading family-branded entertainment company in China….It's a pretty significant opportunity for us". The company hopes to consolidate on the success of its movie "Kung Fu Panda 2". This is the highest-grossing animated movie in China with revenues of around $100 million. Executives believe now is an opportune time to move into China. The movie industry is booming and three new screens in movie theatres are opening at a rate of three a day. China is expected to be the world's biggest cinema market within the next decade.

Classroom handouts, online activities and a listening for this article are at http://www.breakingnewsenglish.com/1202/120219-animation.html


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