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Universal in early talks with Tianjin on China park jv (Reuters)
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On February 26, Reuters revealed that Tianjin, China’s sixth-largest city, has held preliminary talks with Comcast Corp’s NBC Universal about a joint venture to build a theme park in the port city, according to the head of a Chinese trade delegation visiting Los Angeles.
The Tianjin city government also intends to meet at a later date with other Hollywood studios, angling to become the latest to partner with U.S. media conglomerates and develop entertainment for China’s growing consumer base.
“We are establishing a center for culture and creativity and we want to become partners with the biggest and best companies in this area,” Tianjin Vice Mayor Cui Jindu said through an interpreter in a phone interview with Reuters. “They have a lot of experience in this.”
According to reuters, Cui did not indicate that a deal with Universal was imminent, but he said Tianjin — city of about 10 million within easy distance of Beijing — could partner with the major Hollywood company to build a theme park and perhaps even a studio.
“There are still hurdles to overcome,” he said, adding that his city was prepared to provide a financial contribution to any joint venture created. Any partnership would also need regulatory approval.
The Chinese delegation intends to make initial contact with other studios and will talk with other companies in addition to Universal before making a decision. “We want to talk with Warner Brothers, with Disney and others,” he said. “We are at the beginning of this.” Universal declined to comment.
SOURCE: Reuters (26/02/12)
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